Gold, silver and mining stocks declined visibly yesterday and the volume on which this decline materialized was significant. Is this really a strong bearish signal, or is it just a temporary pullback?

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In yesterday’s second alert we wrote that the early rally was likely an overreaction based on the upcoming comments from the Fed. We emphasized that it’d been the case more than once that PMs moved initially higher before the FOMC meeting only to reverse and slide shortly thereafter. That’s exactly what happened. What’s next?

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Gold, silver and mining stocks didn't do much yesterday, but that doesn't mean that there were no meaningful implications of yesterday's session. There were.

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The miners’ outperformance was something that appeared bullish after Friday’s session. It no longer does – yesterday, gold stocks declined more than they had rallied on Friday and that happened along with a move lower in the USD Index. What’s next given the invalidation of the bullish sign?

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