The USD Index moved lower yesterday, but at the same time the precious metals sector also moved lower despite the early gains. One of the above is providing fake signals. Which one is it?

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Today’s introductory paragraph seems unnecessary. We all saw how significant yesterday’s rally in the mining stocks was. Quite a lot happened, but did as much change? Today’s Alert will feature multiple mining-stock related charts in order to provide the most complete mining stock analysis possible. We’ll discuss a few other important issues as well.

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Today’s analysis is going to be different than the other ones. We usually discuss what happened on a given day, week, or month and we elaborate on what it changed and what it didn’t change in case of the outlook for gold, silver, and mining stocks. But not today. Today, we are going to focus on what didn’t happen. At the first sight it seems that this means that there was no new signal. That’s not the case. The three important “nothings” that we will discuss in today’s alert have important implications for the following days. That is if one knows where to look.

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Not much happened yesterday in case of gold and silver, but mining stocks declined, thus invalidating Friday’s daily show of strength. In our previous analysis, we explained that just as one swallow doesn’t make a summer, a one day of strength in the mining stocks doesn’t change the overall tendency for them to underperform gold. Yesterday’s session served as a perfect confirmation. What’s next?

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