Gold and silver didn’t decline or rally yesterday, but mining stocks not only moved lower, but actually closed below the previous October and November lows. What are the implications?

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Gold moved back and forth on Friday and the accompanying volume was high, but that’s not the only important thing that we can discuss today. The week is over and we have weekly changes and weekly volume levels to analyze and we saw major moves in the important ratios. Additionally, we discovered a self-similar pattern in gold that has critical and volatile implications going forward.

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November turned out to be an up-month in gold and the analogy to what happened in late 2012 is no longer crystal clear. Moreover, gold’s monthly upswing was accompanied by extreme, record-breaking volume. Will we see a breakout shortly?

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It was only two weeks ago when silver moved sharply higher, closed the day a little below $17.40 and broke above the triangle pattern. Two weeks was all it took for the white metal not only to invalidate this breakout, but to slide below the triangle pattern and end the day at the levels not seen since… August 8th. That’s right – even though silver moved temporarily lower in October, it never closed below the August 8th low. Until yesterday.

What’s exceptionally interesting is that while silver declined so visibly, gold didn’t even invalidate its breakout above its own triangle pattern – it closed over $10 above it. What should one make of all the above? Which market is giving false signals and which one is leading?

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Every now and then we see some kind of anomaly in the precious metals market. Sometimes it’s particularly useful and sometimes it’s just something random. Yesterday was one of those days where something didn’t seem right. The USD Index rallied, silver declined, mining stocks declined and yet, gold closed the session higher. What can we infer from this uncommon event?

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