Gold plunged below the previous lows this week and the breakdown was clear and big. The extreme decline in mining stocks was even bigger. Miners continued to underperform and – despite Tuesday’s move higher - the XAU Index is relatively close to its… 2000 low. 2 weeks ago we wrote that the situation was exactly what we [had seen] in April 2013 right before the major breakdown in gold and silver and the subsequent plunge in the entire precious metals sector. Is the plunge really just starting and will our profits from shorting move from huge to enormous?

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Gold plunged below the previous lows yesterday and the breakdown was clear and big. The extreme decline in mining stocks was even bigger. Miners continued to underperform and the XAU Index is relatively close to its… 2000 low. 2 weeks ago we wrote that the situation was exactly what we [had seen] in April 2013 right before the major breakdown in gold and silver and the subsequent plunge in the entire precious metals sector. Is the plunge really just starting and will our profits from shorting move from huge to enormous?

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The key part of the precious metals market – gold – has just closed below its 2014 low (in terms of daily and weekly closing prices), and we didn’t have to wait for long for gold to plunge right after the breakdown. Gold declined to about $1,080 in overnight trading but moved back above $1,100 in a few hours. Was that THE bottom or is the decline likely to accelerate shortly?

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Gold is very close to reaching its previous major bottom close to $1,135 and many investors (and analysts) are expecting that this level will hold and that reaching it will trigger a substantial rally. Will the final bottom be really formed shortly?

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The recent move higher on the precious metals market took silver visibly higher, which got many investors excited. We were not among them, as we know that silver’s breakouts are quite often turning into fakeouts. This time was no different – silver declined once again and it took gold and mining stocks with it. In fact, miners declined below the previous lows and HUI closed below 140. Is the continuation of the decline imminent?

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