While everyone was busy looking at the rallying mining stocks, quite a few just as important developments took place. Therefore, in today’s Alert, we will examine the critical things that might have gone under the radar. After all, partially informed investors can be as effective as partially trained surgeons – can easily hurt themselves and those around them.

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As far as yesterday’s session is concerned, there is no doubt that the mining stocks stole the spotlight. Not much happened in gold, silver and currencies, but miners rallied in a visible manner. Surely, there were many factors pointing to the lower precious metals prices, but given this kind of strength in the mining stocks, maybe the bottom is actually in?

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We have some good news and some bad news for both: precious metals bulls and bears. Based on new developments it’s even more likely that we are just before the huge price decline in gold, silver, and mining stocks, but at the same time it also appears likely that the final bottom will take place later than we had expected ,based on the previously available information.

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The gold stocks tend to lead gold right after the major bottoms. We saw this in early 2016 and since gold stocks showed strength yesterday by closing back above the previous important highs, it could be viewed as a sign of a bottom. But is it really the case?

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Although it didn’t appear to be a breakdown, silver just closed the day (and week) at a new yearly low. Remember the day when silver moved briefly below $14? Ultimately, silver futures closed at $14.15 on that day, and they just closed at $14.14 on Friday. So little, yet so much. Breakdown confirmed by weekly closes is something very significant and yet, it’s not the most important thing that we will comment on in today’s analysis. The key details will come from the gold market.

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