Gold, silver and mining stocks soared initially yesterday, but finally ended the session only a bit higher (gold and silver) or even lower (mining stocks). What can we infer from this kind of behavior?

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Yesterday’s session definitely not boring, to say the least. Mining stocks moved above their previous highs, gold moved close to the $1,300 level and silver soared even more substantially. Is the next major upleg already underway?

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On Friday, gold moved about $15 higher on an intra-day basis and – to the surprise of many gold traders – it didn’t trigger a sustained rally in precious metals mining stocks. Conversely, miners didn’t even move close to their October highs and they finally ended Friday’s session almost unchanged. That’s a clear bearish sign – will the decline follow immediately?

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