The USD Index took a breather yesterday and gold moved more than $5 higher. This might seems like a bullish phenomenon until one notices that at the same time mining stocks (the GDX) declined by almost 1%. In the previous months similar performance meant that another major decline was looming – is this the case also this time?

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The precious metals market declined yesterday, but the size of the move was particularly significant in the case of silver and mining stocks. Gold is still not close to its recent lows and there was no breakdown below the previous lows in mining stocks either – is this decline likely a temporary event?

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In the last several days gold moved much higher and just moved lower a little. The USD Index, however, rallied back quite significantly. Is this strength in the gold market heralding much higher prices sooner?

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Gold, silver and mining stocks rallied last week as investors were positively surprised by the lack of changes in interest rates. Was this enough to trigger a massive rally, or was last week’s rally just a temporary phenomenon?

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Some market participants were expecting the rates to be increased yesterday and the rate increase was „in the price“ to some extent. Consequently, leaving the rates unchanged was both a negative (for the USD) and positive (for precious metals) surprise for the markets. How much did change regarding the outlook?

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