In today's Market Alert we follow up on our analysis of the gold-stocks-to-gold ratio as miners have once again performed strongly relative to gold. Additionally, we comment on the breakdown in silver and the decline seen in the USD Index.

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Gold and silver declined once again on Friday, but miners didn't since this is the only bullish factor that just emerged, we have focused on it in today's Market Alert. In addition to discussing miners' strength (?), we have covered one more more interesting thing that has been probably overlooked by most investors - a relatively significant weekly volume in case of the non-USD gold price.

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Fed makes news headlines with the "tapering" talk and the upcoming replacement of Chairman Ben Bernanke by Janet Yellen. Is professor Bernanke being fired, or is there perhaps another reason behind his leaving? Impossible to know, but we can’t rule out a scenario in which even Bernanke might view gold as a great investment… How is that possible? We explain in today's Premium Update.


Also, we look into the following:

• The USD Index reverses in the middle of our target area
• The Euro Index reaches an important target
• Correlation between the US Dollar and gold is back to norm
• Gold trades in the narrow range
• True Seasonals predicts stock market rally in the beginning of the month

In today's Premium Update we also discuss different implications that the current situation has for precious metals traders and investors. We also elaborate on the reasons that made us adjust our trading position earlier this week.

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What's most interesting about yesterday's rally in gold, silver, and mining stocks is the volume. It was tiny in all precious metals markets. This can be examined in two ways. One is that the volume has been low in the past 3 days as the sector has been consolidating and preparing to continue it's move - and since the preceding move was to the downside, the implications are bearish. The second way is to view yesterday's session in isolation - we saw a daily rally, which materialized on very low volume - again, the implications are bearish.

Is the above enough to justify a short position at this time? You'll find our answer in today's Market Alert.

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Not much happened in the past 2 days in case of metals and miners themselves, but we saw something important happen in the currency markets yesterday.

2 days ago we wrote that the breakout in the USD Index and a good possibility that the major top in the Euro Index had just formed might create a specific opportunity, if these moves were not invalidated quickly. We wrote that we would wait 2 days before taking any action. 2 days have passed and basically nothing changed. The breakout in the USD Index is confirmed.

Read more about the significance of the above in today's Market Alert.

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