The recent sharp decline was accompanied by a significant increase in the premium that one has to pay while buying physical silver. If the physical market is getting very tight and dealers are really running out of silver, then this might be the final chance to buy the white metal before it really takes off.

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Miners started the week by moving lower but managed to close the session above Friday’s close – thus forming a visible reversal pattern. Since miners were the weakest part of the precious metals sector, does the above indicate a major turning point also for gold and silver?

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On Friday, we saw a continuation of the patterns we had seen on Thursday. Silver continued to rally, gold moved higher as well, but miners declined and closed the week at a level that had not been seen in more than a decade. Which part of the market, silver or miners, is leading the way for the rest of the sector? The answer is extremely important, as we are likely on the brink of a major move in the entire precious metals market.

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Just when we had multiple bearish signs in place and silver closed below its lowest close of 2014 for 2 consecutive trading days (almost confirming the breakdown), the latter seems to have been invalidated. Silver just closed above its 2014 low once again. What are the implications?

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Gold and silver moved higher yesterday while miners moved a bit lower. At the first sight it seems that nothing changed and that yesterday’s dilemma remains in place:

“Since there was no breakdown in gold and silver reversed before the end of the session – is yesterday’s rally a major opportunity to close any remaining short positions and get back in the precious metals market, or is it the final chance to get out of the precious metals market and increase the size of the short positions?”

However, knowing the analogy to the previous similar situation makes the situation much clearer. In fact, even though it seems that not much happened yesterday, we actually saw a confirmation of what we wrote in the previous alert. This is the red-alert situation and we are very likely right before a major move - don’t miss it.

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