Last week ended with a specific twist – the USD Index took a dive, while the Japanese yen, gold, silver, and mining stocks all moved visibly higher. The reversal right before the end of the week appears to be a very bullish phenomenon for the PMs, but is it really one?

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Whoa, that was a tricky one! At one moment yesterday’s session looked like a clear reversal in gold, silver and mining stocks. But, before the session was over, the clarity remained only in the case of the yellow metal. It would have been be extremely unlikely for only one part of the precious metals sector to rally, while the rest would continued to decline. Should one trust gold’s reversal, as it’s the most prominent part of the PM sector, or should one go with the majority, which suggests that not much happened? Was that a reversal for the entire precious metals sector or not?

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At first sight nothing really happened yesterday, but after closer examination we see that silver moved to the lowest daily close of 2017 and then moved back up, erasing practically the entire daily downswing. What can the silver reversal tell us?

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