Briefly: in our opinion, full (300% of the regular position size) speculative short positions in junior mining stocks are justified from the risk/reward point of view at the moment of publishing this Alert.
Some might consider an additional (short) position in the FCX.
Welcome to this week's flagship Gold Trading Alert.
Predicated on last week’s price moves, our most recently featured medium-term outlook remains the same as the price moves align with our expectations. On that account, there are parts of the previous analysis that didn’t change at all in the earlier days and are written in italics.
The key thing that happened in the previous week was the rapid increase in concern regarding the banking system. Gold was bought as a safe-haven asset, but this is likely to be a short-lived phenomenon. We saw multiple analogies between the current situation and 2008, and if history continues to rhyme (and that’s very likely), the next huge move in gold is likely to be to the downside. And while gold declines by a few hundred dollars, silver and – in particular – mining stocks are likely to truly slide. The same is true for the price of the FCX shares.
Also, despite gold’s sharp rally, our short position in the GDXJ is profitable as of yesterday’s closing prices, as we had entered it so close to the initial top. The additional short position in the FCX is very profitable despite being open for just a bit over one week. In fact, given the sharpness of the recent decline, profit-take levels might be reached any hour now.
I’ll keep the previous “Technical Look at the Fundamentals” section intact because it remains to have the key background impact on the entire landscape for all markets, including the precious metals market. After all, one of the two primary fundamental drivers of gold prices (the other being the USD Index) is real interest rates. In fact, that’s what I’m going to start with. (This section is just as it was previously, so if you have already read it, please feel free to scroll down to the next section.)
Technical Look at Fundamentals
Let me start by quoting one of the things that we already wrote above:
However, we’ve warned on numerous occasions that the Fed has always pushed the U.S. federal funds rate (FFR) above the peak year-over-year (YoY) percentage change in the core Consumer Price Index (CPI) and that nine of the last 10 bouts of rising inflation have ended with recessions.
The latter – likelihood of a recession – means that the stock market (along with silver, mining stocks, and – in particular – junior mining stocks) is likely to fall. Given how far it rose on the various stimulus-based programs, it can also fall substantially. This is not to be taken lightly.
The former implies that either higher or lower interest rates, or both, are possible. Or at least a faster increase in rates than inflation (or a slower decline in rates than inflation).
In fact, let’s see the long-term chart once again.
Here’s what gold did in the long run.
The above chart features gold’s price in nominal terms, and the below chart shows the price of gold in real terms (adjusted for inflation based on the official inflation statistics).
Source: Macrotrends.net
The thing that I want to emphasize here is gold’s performance in the 70s and 80s. There were two major declines in gold – one in the mid-70s and one in 1980. Let’s zoom in a bit on the former, as it might not be clear based on the above charts.
Source: chartsrus.com
What happened on the rates vs. CPI chart at those times? There were some major shifts in their relative values.
To make it easier to see what was going on, let’s take a look at yet another chart – the one featuring both nominal and real Treasury yields. Of course, the yields are closely linked to the interest rates, so it’s pretty much the same chart.
The real yield is what is of the greatest importance here.
Why? Because that is what one effectively gets by postponing consumption, saving the capital, and investing (technically, lending) it at very low risk.
If the real yield moves below 0%, it means that one is effectively losing money while just earning interest on Treasuries. That is when gold becomes extremely valuable.. Gold pays no interest, but it’s been currency throughout history, so it’s viewed as something safe and stable in the long run. Therefore, it seems better to just hold gold, which at least won’t (theoretically) lose value, while fiat money does. In other words, gold is then used as an inflation hedge.
When the real yields rally, however, the situation turns upside down.
Since gold doesn’t provide interest, and rising real yields mean that it makes more and more sense to have capital in the form of money that pays this increasing interest (like Treasuries), the appeal for gold ownership declines.
That’s why real yields and real interest rates are one of the two key fundamental drivers of gold prices. The other is the USD Index.
Indeed, the lows in real yields (mid-70s and 1980) corresponded to tops in the gold price.
So, again, to clarify:
- Rising real interest rates / yields are extremely likely to trigger declines in the gold price.
- Declining real interest rates / yields are extremely likely to trigger rallies in the gold price.
The above might not work in the short term, but it’s likely to work over the medium- and long term. After all, the markets can be particularly emotional in the short run and move on just about anything, regardless of whether it makes sense or not.
All right, to clarify even more, what exactly are those real interest rates? How to calculate them?
Here’s the definition from Google / Wikipedia.
Nominal interest rate minus the (expected) inflation rate. This approximation will suffice.
Where are the nominal interest rates going now? Higher. They may be rising at a slower rate than previously, but they are rising, and, as history has shown, they will continue to rise until the federal funds rate rises above the year-over-year CPI reading.
The latest year-over-year CPI reading in the U.S. (from Jan. 12, 2023) was 6.5%.
The FFR is about 2% below that.
The above and the historical tendencies imply that either the CPI has to move lower by at least 2% or the FFR has to move higher by 2% while the CPI is unchanged – or some combination of the above (which is most likely).
Either way, this means that the real interest rate is likely to rally by at least 2% from current levels.
Let me quote what I already stated above:
Rising real interest rates / yields are extremely likely to trigger declines in the gold price.
This means that we are extremely likely to see big declines in the gold price.
What are the real rates doing now?
Well, they are soaring, of course. However, as I wrote earlier, the link between real rates and the gold price doesn’t have to work in the short term, as the markets can focus on all sorts of things due to technical/emotional reasons.
I won’t say that the current rally in real rates is unprecedented, but we haven’t seen this kind of upswing in a long time. The last time we saw something of at least similar magnitude was right before the year 2000. What happened to the gold price back then?
Gold was after the “Brown Bottom”, but it declined, nonetheless.
In the case of the HUI Index – a proxy for gold stocks – it was right before the final part of the slide.
Yes, this is as extremely bearish as it looks.
These are some of the reasons why this short-term rally is a counter-trend rally. The things that I’m covering in my day-to-day analyses are important too, but they are not as important as the above indications. I’m simply not commenting on the things that don’t change that often, and the day-to-day price swings do change often, but I’m commenting on them because they often make people concerned about the outlook.
Speaking of a more short-term situation, let’s take a look at what happened and what changed (and what didn’t change) more recently.
Technically Speaking
Let’s start today’s technical discussion with a quick check of copper prices.
Copper rallied recently, but it stopped at its 61.8% Fibonacci retracement level and then moved back down. Consequently, the recent move – while impressive from the day-to-day point of view – remains to be a short-term correction only.
Consequently, what I wrote about it previously remains up-to-date:
Copper recently CLEARLY invalidated another attempt to move above its 2011 high. This is a very strong technical sign that copper (one of the most popular commodities) is heading lower in the medium term.
No market moves up or down in a straight line (well, the 2008 slide appears to have been an exception), and a short-term correction doesn’t necessarily invalidate the bigger trend. For the last couple of months, copper has been trading sideways, but it didn’t change much regarding the outlook.
In fact, it made my previous target area even more likely. You see, the consolidation patterns are often followed by a move that’s similar to the move that preceded them. In this case, the previous 2022 decline was quite significant, and if it is repeated, one can expect copper to decline well below 3.
Actually, copper could decline profoundly and bottom in the $2.0-2.7 area. That’s where we have rising, long-term support lines and also the previous – 2016 and 2020 – lows.
Flag patterns (which we just saw in copper) tend to be followed by price moves that are similar to ones that preceded them. I marked this on the above chart with red, dashed lines. This method supports a copper price’s move to around $2.7.
Given the size of the previous decline (and its pace), it seems quite likely that it could take another 2-7 months for copper to move to about $2.4. May seems to be the most likely time target given the current data.
Interest rates are going up, just like they did before the 2008 slide. What did copper do before the 2008 slide? It failed to break above the previous (2006) high, and it was the failure of the second attempt to break higher that triggered the powerful decline. What happened then? Gold declined, but silver and mining stocks truly plunged.
Again, copper is after invalidation of a major breakout, a decline, and a correction. Copper prices currently SCREAM that it’s a variation of 2008 all over again. This is extremely bearish for mining stocks (especially juniors) and silver.
Before moving further, I’d like to extend the copper analysis into the analysis of the situation in one of the major copper companies – FCX. That’s where there’s the “extra trading opportunity” that I described several days ago.
And it became profitable almost instantly.
What you find below is a quote from this analysis as it remains up-to-date (I’m updating the charts though). One thing that I’d like to add is that on FCX’s medium-term chart, you can see a breakdown below the rising support line, which makes the outlook even more bearish.
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Extra Opportunity
So, yeah… The profits are coming in nicely, and it’s a great feeling to ride this downswing, knowing that we entered the short positions mere $0.10 below the top in terms of the closing prices.
But do you know what would be even better?
More profits.
Yes, that’s what I’ve been researching lately, weighing pros and cons, and I finally came to the conclusion that this is likely the way to go. That the opportunity that I’ve been researching is worth taking advantage of from a risk-to-reward point of view. Especially now that the Fed just admitted what you (if you’ve been reading my analyses) have known for many weeks (actually, months). The rates will have to move higher.
The precious metals sector is definitely likely to decline based on the increases in real interest rates, but… Gold, silver, and mining stocks are not the only asset out there that’s likely to be hit hard by this increase.
The economic slowdown that’s likely to happen on a global scale (after all, rates are being increased globally) is likely to take commodities lower, too. For example, copper.
I’ve been covering copper’s chart in my flagship weekly analyses for a while now, so you know that I’m expecting copper to move substantially lower in the future.
Also, do you remember the world stock chart (also visible in the above-linked analysis, close to its end) that showed how the current situation is similar to 2008?
There is a company that’s likely to decline in value due to all the above-mentioned declines: in gold, in copper, and in stocks.
Freeport-McMoRan Inc., trading under the FCX symbol, is a producer of copper, gold, and molybdenum.
The above wouldn’t have been all that interesting if it weren’t for the charts that have breathtaking sell flags all over them.
Let’s start with FCX’s long-term chart.
It just once again approached the level that stopped its prices in all previous cases. Whenever the price moved to or above the $44 level, it then declined, and it usually declined profoundly.
This key resistance was created by the 2007 high, and there were seven attempts to move above it and then hold those levels. Each attempt failed – including the most recent one.
Now, here’s where it gets really interesting.
Based on the world stock chart below – and in particular – based on the action in the RSI indicator, we’re likely to see a massive slide in their values.
Again, I wrote about it in greater detail on Thursday, but in short, stocks failed to rally to new highs (above their 2008 highs), declined even more than they did back then, and then they corrected by approximately as much as they did back then (to their 61.8% Fibonacci retracement).
The action in the RSI is also analogous, and based on it, we are right after the final top before the huge slide.
Of course, I can’t guarantee that this is the case, but… that’s exactly what I think is likely.
Now, the reason that I’m bringing this up is that I’d like you to take a look at the previous chart once again and focus on the carnage that happened in the FCX in 2008.
Yup. You see it right. From above $45 to below $6.
There’s also one other very interesting decline in FCX – the one that we saw in 2015. It was the second-biggest decline – ever. When did it happen? Well, that’s when the precious metals sector was ending its medium-term decline.
This is exactly what I’ve been writing about with regard to the precious metals market for months! I expect this upcoming (huge) slide to be the final move lower before the precious metals sector picks up again and starts a big rally.
If this is indeed going to be the case, then the FCX seems to have another good reason to truly slide in the following weeks/months.
But wait, there’s more!
The above chart features the price of FCX divided by the price of copper. So, it’s essentially a ratio that compares the price of the share with the key underlying asset that it’s producing/selling. This helps determine if the stock is overvalued or undervalued.
The ratio just failed to break above its long-term resistance level, which had been in place for over a decade now.
This is a clear sell sign.
So if copper is about to decline significantly and the FCX-to-copper ratio is likely to decline as well, then the FCX is likely to truly slide.
And that’s not even it!
Here’s a ratio that might be most interesting from our point of view, since we’re profiting from the decline in the GDXJ. The chart below compares the price of the FCX with the price of the GDXJ.
There were only two cases when the FCX:GDXJ ratio was as high as it is right now, and in both cases, the FCX declined in the aftermath.
The moment when FCX didn’t decline immediately thereafter was in late 2014, when the stock market continued to move higher for a while – which is now unlikely to be the case.
So, as you see above, the situation in the FCX likely presents us with an extraordinary shorting opportunity, even though it’s debatable if it’s a gold stock or a copper stock (molybdenum stock?).
What are the ways in which one could approach this situation?
One could, for example, simply short FCX with some capital.
Or one could buy put options on FCX with some (in this case, much smaller) capital. Or one could sell call options.
Or one could not do anything with regard to it, because while the FCX provides a great opportunity in my view, the biggest risk to reward is provided by the short position junior miners, because that’s the market I specialize in (in precious metals in general) and where I think I’m most likely to detect local bottoms and tops (just like I did last week).
I will not officially add this to our trading position (it is going to be featured in the same section, though), because it’s rather outside of the scope of the service provided by my Gold Trading Alerts, and I’m writing all this as a courtesy (and truth be told, even though I plan to take a position myself, and I’m under no obligation to wait for it, I am waiting to enter my position, and I will only proceed after this analysis is posted and at least several minutes pass, so that you have the ability to act on it first – this is what feels right).
So, how am I going to feature a trade in the FCX? I’m going to provide a target level for it, where it seems that we might see a short-term rebound – slightly below $34, which is based on two Fibonacci retracements, one long-term and one medium-term.
The target is a bit below $34, so my profit take is slightly above $34 (to increase the chances of realizing the trade).
That’s just a short-term target, though. It seems quite likely that FCX will move below $20, perhaps even below $10, before the entire decline is completely over. But we’ll cross the next bridges when we get to them.
When do I expect this downside target (~$34) to be reached?
I originally expected the $34 level to be reached in late March or early April, but given how fast it’s been declining, it seems that this level could be reached any day – or hour – now.
What options – specifically what strike prices and expiration dates do I suggest? I’m intentionally not going to provide those details. Options are for advanced traders/investors, and those should have no trouble picking the combination of strike prices and expiration dates based on the above analysis and information.
If it’s perplexing and/or you don’t know how to proceed, it’s likely a good indication that you shouldn’t be using options for this trade at all. In this case, you might consider simply shorting the FCX stock or passing on this additional (and optional) trade while focusing on the position in junior mining stocks.
How would I combine the size of the position in the FCX and the one in junior miners? As above, I would consider this just an addition, and I’d use approximately one third of the capital used for juniors. However, I would like to stress that this is highly you-specific and depends on what kind of risk tolerance, strategy, liquidity requirements, etc. you have.
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Having said that, let’s check junior miners’ really big picture.
In short, we saw a tiny correction in the TSX Venture index, and this should be a major red flag for anyone thinking that the recent rally was a game- or trend-changer. This is a blip on the radar screen, similar to what we saw in the second half of 2021, before another big move lower.
The really important thing here is that we saw the first crack in the dam. The index declined visibly, and it might mean that the final part of the 2008-style slide has just begun.
Consequently, my previous comments on the above chart remain up-to-date:
The Toronto Stock Exchange Venture Index includes multiple junior mining stocks. It also includes other companies, but juniors are a large part of it, and they truly plunged in 2008.
In fact, they plunged in a major way after breaking below their medium-term support lines and after an initial corrective upswing. Guess what – this index is after a major medium-term breakdown and a short-term corrective upswing. It’s likely ready to fall – and to fall hard.
So, what’s likely to happen? We’re about to see a huge slide, even if we don’t see it within the next few days.
Just like it was the case in 2008, the move higher that we saw before the final (biggest) slide in gold, silver, and gold stocks (lower part of the chart), we didn’t see a visible rally in the TSX Venture Index. Just as the index paused back then, it paused right now.
Currently, it’s trading at about 600, and back then, it consolidated at about 2500. The price levels are different, but the overall shape of the price moves (lack thereof) is similar. This serves as a signal, that the recent upswing in the PMs was not to be trusted.
The above is one of the weakest (from the technical point of view) charts that is see across the board right now. There is a strong long-term downtrend visible in the TSX Venture Index, and if stocks slide similarly as they did in 2008, the TSXV could truly plunge – perhaps even to the 300 level or lower.
The important short-term detail is that the TSXV just broke to new yearly lows. This is a major (yet barely noticed by most) indication that the next big move lower is about to start.
Having said that, let’s turn to gold.
Let’s start with context:
Between 2020 and now, quite a lot happened, quite a lot of money was printed, and we saw a war breaking out in Europe. Yet gold failed to rally to new highs.
In fact, gold is once again trading well below its 2011 high, which tells you a lot about the strength of this market. It’s almost absent.
There’s a war in Europe, and billions of dollars were printed, and gold is below its 2011 highs – in nominal terms! Adjusted for inflation, it’s much lower. And silver and gold stocks’ performance compared to their 2011 highs? Come on…
Truth be told, what we see in gold is quite in tune with what we saw after the 2011 top, and in particular, shortly after the 2012 top. We can also spot similarities between now and 2008. The long-term gold price chart below provides details.
Gold moved sharply higher this week – including today’s pre-market upswing, it’s a rally that’s bigger than $70 (and yet, miners just closed below our entry point, which only emphasizes how weak they are). The volume that we saw this week so far has been huge – the biggest weekly volume this year and the second-biggest even when taking also 2022 into account.
And… this is the case after just four out of five trading days! This means that this week’s volume is going to be even higher, and the huge-volume signal is definitely going to be flashed. Well, it’s kind of already here, which means that we can already take it into account, even though the trading week is not over yet.
Please take a look at the green arrows on the above chart. They mark situations when the weekly volume was huge during an upswing.
The most recent case is from 2022, when gold topped.
The same happened in early 2018.
That’s how gold topped in 2011.
Most importantly – that’s exactly what we saw at the final pre-slide top in 2008.
Please note that the rapid rally that we saw in 2008 before the slide was even bigger than what we saw so far (note: green rectangles), so today’s pre-market upswing is IN TUNE with this very bearish analogy, it’s not a bullish game-changer.
I wrote about multiple fundamental analogies to 2008 on Monday, but it seems that it would be useful if I quoted it again today to keep it all in one place. I will mix it with a quote from yesterday’s analysis, where I featured the 2008 chart.
There are very few things in the financial world that have the same kind of emotional impact and similarly big contagion effect that bank runs do. And that was even way before social media became a thing!
And we just saw not one, but two bank closures. The SVB collapsed and the Signature Bank was shut by regulators. You can read more in this Wall Street Journal article.
The Signature Bank was primarily a real estate lender, but in 2018 it expanded its operations into the crypto world.
Do you recall a time, when something seemingly small triggered some problems in the real estate and credit markets?
Something like… A subprime crisis in the U.S.? And a bank collapsed? *Cough* Lehman Brothers *cough*.
This time, it’s the crypto market that was the first domino to fall. And we now saw one bank’s failure, and the second one was closed by the regulators. But in investors’ minds it might look like this: “the first bank was closed and the second one was closed right thereafter – how many days until my bank is closed? I better get my money out now”.
The bank-run-based articles slowly start to dominate the social media and other places.
Do you see where I’m getting at?
This could be 2008… On steroids.
Why on steroids?
First, interest rates were hiked much more now than they used to be previously. And this is a global phenomenon, it’s not a U.S.-based thing only.
Second, the markets are after an even bigger emotion-and-hope-based medium-term rally.
Third, the social media are more prevalent than they were in 2008, and so is public’s participation in the market start started it all (crypto). This means that the word and emotions (like panic!) are likely to spread much faster this time.
And the best (or worst, depending on the perspective) thing is that all the above came about after I’d been writing about the situation being similar to 2008 – literally – for months!
In fact, if you took advantage of my recent trade idea based (that is also based on this analogy), you already profited handsomely from it, even though it’s been just a few days…
Now, most people out there don’t have this context – they don’t realize about the similarity to 2008. But it’s likely to become apparent in the following weeks. It will not happen at the same time in case of everyone, of course. And as more and more people realize it, the faster things are likely to develop, because nobody will want to be the person left holding the bag before the price drops – so they will most likely sell before the slide happens… And in this way, they will contribute to the slide, and they will speed it up.
What does it all mean right now?
It means that stocks are likely to collapse either shortly or very soon, and that things in other markets are also likely to develop just like it happened in 2008.
The key thing to keep in mind is the existence of the contagion effect (if people get scared about stocks in one country, they are likely to get scared about them and sell in another country, even if there is no good reason for it), and the fact that interest rates were raised substantially pretty much all over the world.
This means that while first few domino pieces might fall in the U.S., the loudest collapses might come from elsewhere.
This, in turn, means – and that’s very, very important – that the currency movement that we see initially might be misleading. In fact, that’s what we see in today’s pre-market trading. The USD Index is down quite visibly.
“There’s a bank crisis” in the U.S. – some non-U.S. investors might be thinking, so they sell the U.S. dollars for their local currencies.
However, the tables are likely to turn in a short while and the opposite is likely to take place as – after all – the U.S. economy is still likely to hold up better than most other economies (and we saw the same thing about 15 years ago). And let’s not forget that the U.S. dollar is also viewed as a safe-haven currency.
So, when it becomes obvious that the current “problem” is global, and not just U.S.-centered, the value of the USD Index is likely to soar.
Let’s take a look at how the situation developed on the technical front back in 2008.
Gold’s final pre-slide corrective upswing was based on turmoil, uncertainty, and safe-haven buying. It was volatile, it was large, and it was accompanied by huge volume.
The RSI indicator moved a bit below the 70 level.
Sounds familiar?
Back in September and October, 2008, gold even rallied above its 61.8% Fibonacci retracement level.
During that time, the USD Index declined in a relatively sharp manner, and the GDX ETF moved to its previous highs. The stock market moved up and down.
It’s exactly the same thing right now. Well, the RSI might move above 70 today, but for now it hasn’t.
Also, let’s keep in mind the situation regarding real interest rates. It might not be as sexy as bank collapses, but that remains one of the key reasons for gold’s decline in the following weeks/months.
Gold has a lot of catching up to do with its decline to “normalize” its link with real rates.
Technically speaking, the key thing is that gold once again tried to move above its 2011 highs, and it once again failed to do so. It invalidated this breakout in one of the most bearish ways imaginable – with a weekly reversal.
This is an extremely important sell signal. The combination of fundamental and technical factors alone is a reason to prevent one from having a long position in gold right now (except for the insurance capital that is).
That’s one thing. Another thing is that given the major fundamental event that I already mentioned above (war outbreak), it’s possible for the technical patterns to be prolonged, and perhaps actually repeated, before the key consequence materialized. Similarly to the head-and-shoulders pattern that can have more than one right head, before the breakdown and slide happen.
In gold’s case, this could mean that due to the post-invasion top, the entire 2011-2013-like pattern got two major highs instead of one. And thus, the initial decline and the subsequent correction is pretty much a repeat of what we saw in 2020 and early 2021, as well as what we saw 2011 and 2012.
The particularly interesting fact (!) about the correction that we saw after the 2011-2012 decline (the one that was followed by the huge 2012-2013 decline) is that during it, gold corrected slightly more than 61.8% of the preceding medium-term decline. Consequently, the current situation is just like what happened back then.
And if all the above wasn’t bearish enough, please take a look at the reading of the RSI indicator based on the weekly price changes. It’s now just below 70, and guess where it was at the final top before the 2012-2013 slide? Yes, it was exactly there, too.
That’s also approximately, where the RSI was at last year’s top.
The orange rectangles on the above chart represent the corrective upswings from approximately the previous local lows. There are two of them, and back in 2013, there was just one corrective upswing, before gold truly plunged.
However, please remember that history doesn’t repeat itself to the letter – it rhymes. This means that two corrections instead of one are still within the scope of the similarity, especially that the first correction wasn’t as big as the 2008 one.
The current situation is truly special, as the rate hikes are something that we haven’t seen in a long time. The same goes for the level of concern about the inflation that’s “out there”. The latter implies that when faced with a decision whether to fight inflation or help the economy, the Fed is likely to lean toward the former. And that’s bearish for assets like gold.
Gold’s medium-term outlook is one thing, and it is likely linked to real rates. However, is there anything bullish about gold’s short-term picture?
There are some who think that rallies are bullish, but rallies are a thing of the past (the price needs to move higher before someone describes the move as a rally), whereas an outlook is something that is about the future. Just because a given move just happened, it doesn’t mean that we are likely to see the same kind of event next.
I already wrote about the huge weekly volume and its bearish implications going forward. However, there’s more than that - we see the same thing from a daily point of view.
Gold just moved higher on volume that was slightly higher than what we saw in March 2022 (and yes, markets like anniversaries). When did we see it? At the yearly top. The implications are very bearish.
Having said that, let’s take a closer look at the silver market.
For some time, silver’s chart was very boring. It did nothing for weeks. Precisely, it kept trying to break above its 61.8% Fibonacci retracement level, and then it invalidated that breakout.
And then it happened.
Silver plunged below its 61.8% Fibonacci retracement, which – in the world of technical analysis – means “that’s no correction, that’s a new medium-term decline”!
It then moved back up, which nullified part of the bearish implications but not their entirety.
However, we had a fresh selling indication in the form of a huge volume upswing. In practically all previous cases (at least since 2021), a daily rally that was accompanied by volume that was similarly big meant that the top was in or just around the corner. Indeed, silver has already moved back below $22.
Let’s take a moment to recall the time when everyone and their brother were bullish on silver – in early 2021.
The silver price even tried to move above the $30 level, and it succeeded in doing so… For a brief moment.
Silver was “supposed to” take off. Shot up to the moon. Based on the physical market’s tightness, silver’s availability, a short squeeze, etc. Truth be told, it’s difficult not to write this with sarcasm (and I’m not), because I remember exactly the same reasons being used to justify silver forecasts above $100 back in the early 2000s. I’ve been there and I’ve been buying silver below $5, so I know a thing or three about what kind of analyses, discussions, and rumors were “out there” at those times.
Two decades later, the silver price rallied in a rather regular manner, along with gold, and then declined – also along with gold. To be precise – I’m not ruling out any of the above – short squeeze, shortages in general, etc. However, I am saying that just because something MIGHT EVENTUALLY happen, that doesn’t mean that it IS going to happen NOW or ANYTIME SOON.
For those exceptional situations, it’s great to have some physical silver (and gold, too). However on a day-to-day basis, the investment and trading parts of one’s capital should be governed while putting great weight on things that are actually likely to happen in regular situations.
One way to thrive while trading silver is not to take silver’s strength at face value. Just as I warned that even if silver was about to soar (and I really DO expect silver to soar above $100 in the following years), then it was very unlikely to do so again in 2021 as the bigger trend was not supporting this outcome.
Anyway, when silver was trying to break above $30, I warned you about the real bearishness of the situation. (By the way, this link also proves that I’ve been expecting the interest rates to rise before that materialized.)
Many months later, we see that what formed in early 2021 was a major top that started a major medium-term decline.
Those of you who have been following my analyses for a long time might recall this chart.
I featured it originally many months ago, and the emphasis was on the analogy in price movement and in the spikes in SLV ETF’s volume.
Indeed – the situations proved to be analogous, and the silver price declined.
What’s remarkable is how similar the declines were.
What I added today are the counters (no, it’s not an Elliott Wave count), and I added the S&P 500 at the bottom of the chart.
The counters help to see which parts of the silver price movement are analogous. They are not identical, but they are much more similar than it seems that they “should be.” Even the “8” bottom was rather broad in both cases.
Based on this similarity, silver is now starting the main part of the slide. It’s recent weakness relative to gold definitely confirms that.
Silver’s decline (and PMs decline in general) took a rather measured shape in its initial months (late 2012 – early 2013), so should we expect the same thing to happen now?
No.
The reason for this lies in the link to the stock market. Back in 2013, there was no visible decline in stocks, let alone a substantial one.
This time, we are likely to see one. And you know when we also saw some sharp declines in stocks? In 2008 and in 2020, and you can see the latter on the above chart. Silver plunged in a sharp (not measured!) manner in both cases.
Given rising interest rates and the investment public’s realization that the rates are not “about to move lower,” that is something that is likely to lead to the stock market’s sell-off. But I’ve been writing about that already.
The thing is that it has implications for the above-mentioned analogy in silver. And that is: the upcoming part of the decline in silver is likely to be sharper than what we saw in 2013. The same goes for the implications for mining stocks (and probably gold). This slide is likely already underway.
Let’s take a look at the situation from a broader point of view.
When looking at silver from a long-term point of view, it’s still obvious that the recent move higher was most likely just a corrective upswing.
What happens after corrections are over (as indicated by, i.e., silver’s outperformance)? The previous trend resumes. The previous trend was down, so that’s where silver is likely headed next.
Besides, the long-term turning point for silver is due in several months, and if silver repeats its previous 2022 decline, then it will bottom close to the turning point and also close to the $15 level– in the first half of 2023.
It’s likely to repeat its previous 2022, because that’s what tends to happen after flag patterns, and what you see on silver’s short-term chart between September and yesterday appears to be a flag pattern.
However, will silver only repeat its previous 2022 performance and not decline more than it already has?
Based on the analogies to 2008 and 2013, the latter is more likely. The 2013 slide was bigger than the initial decline that we saw in 2012. And the final 2008 slide was WAY bigger than what we saw before it.
Due to its industrial uses, silver is known to move more than gold, in particular when the stock market is moving in the same way as gold does. Since I think that gold and stocks are both likely to slide, silver is indeed likely to decline in a truly profound manner. Quite likely lower than just $15.
Consequently, my prediction for silver prices remains bearish, as does the outlook for the rest of the precious metals sector.
Let’s not forget that rising interest rates are likely to negatively impact not just commodities, but practically all industries. This will likely cause silver’s price to decline profoundly, as silver’s industrial demand could be negatively impacted by lower economic growth (or a decline in economic activity).
Consequently, it seems that silver will need to decline profoundly before it rallies (to new all-time highs) once again.
Having said that, let’s take a look at what happened in mining stocks.
History tends to repeat itself. Not to the letter, but in general. The reason is that while economic circumstances change and technology advances, the decisions to buy and sell are still mostly based on two key emotions: fear and greed. They don’t change, and once similar things happen, people’s emotions emerge in similar ways, thus making specific historical events repeat themselves to a certain extent.
For example, right now, gold stocks are declining similarly to how they did in 2008 and in 2012-2013.
Moreover, the Stochastic indicator (lower part of the above chart) is currently performing just like it did at the 2022 top – so, the bearish similarity between those periods is not just in gold.
Please note that back then, there was a slight correction when Stochastic moved to the 20 level, which is about to happen provided that gold stocks decline a bit more.
And, well, we have just profited from its part. :)
What I would like you to focus on here is that the “double correction” theory that I described below gold’s long-term chart is clearly visible also here. We already saw the 2012 rally being repeated and now we see it all over again. I marked them with red ellipses.
What are the implications? Well, obviously they are bearish, as it was this correction in 2012 that started one of the most powerful declines of the previous decades. The RSI indicator based on the weekly prices is in a similar position to where it was at the late-2012 and 2022 tops. The consequences are clearly bearish for the following months.
My previous comments on the above chart, therefore, remain up-to-date:
The situation being what it is on the gold market (as discussed above) and the stock market (as I’ll discuss below), it seems to be only a matter of time before gold stocks slide.
For many months, I’ve been writing that the situation in the HUI Index is analogous to what we saw in 2008 and in 2013. Those declines were somewhat similar, yet different, and what we see now is indeed somewhere in between of those declines – in terms of the shape of the decline.
At first, the HUI Index declined just like it did in 2013, and the early-2022 rally appears to be similar to the late-2012 rally. However, the correction that we saw recently is also similar to the late-2012 rally.
Since the history doesn’t repeat itself to the letter, but it rhymes, is it that odd that we now saw two corrective upswings instead of one? Not necessarily.
This is especially the case that the 2008 decline had one sizable correction during the big decline. It’s not clearly visible on the above chart due to the pace of the 2008 slide, but it’s definitely there. You can see it more clearly in one of the below charts.
So, no, the recent rally is not an invalidation of the analogies to the previous patterns, it continues to rhyme with them in its own way. And the extremely bearish implications for the following months remain intact.
How low can the HUI Index fall during the next big downswing?
As it’s the case with gold and silver, a move back to the 2020 lows is definitely in the cards. Please note that this level is also strengthened (as support) by other major lows: the 2019, 2014, and 2008 ones.
However, I wouldn’t rule out a move even lower on a temporary basis. If gold were to decline to about $1,450-1,500, it would mean that it would double its current 2022 decline. If the HUI Index does that, it will move below 150.
So, all in all, 80-120 is my current target area for the upcoming slide in the HUI Index.
What about the short run?
Well, the GDXJ ETF moved higher recently as it was practically forced to given gold’s safe-haven buying, but the weakness that we see in junior miners compared to gold is truly exceptional.
And the very interesting thing is that despite this move, our short position in the GDXJ remains profitable (as of yesterday’s close) as we entered it so close to the first top of this corrective upswing.
Anyway, junior miners’ weakness is a crystal-clear bearish confirmation, and if it wasn’t enough, GDXJ moves in a way that creates the right shoulder of the head-and-shoulders top formation.
Interestingly, the RSI formed a zig-zag and moved slightly above 50, which took place in the final parts of corrective upswings in GDXJ. That’s yet another bearish confirmation.
How low is the GDXJ likely to decline before we take profits from the current short trade? Probably to its 2022 lows or slightly below them. Those lows are significant support on their own (being the early lows), but also based on the possible head-and-shoulders pattern which is likely to form soon.
The late-2022 consolidation would be the left shoulder, the late-2022 – early-2023 rally would be the head, and the current corrective upswing would be the right shoulder.
The decline that follows this formation is likely to be at least as big as the head of the pattern. I marked that with green, dashed lines.
Will we go long then? That’s quite possible. We might even go long earlier, depending on how many bullish indications we get in the meantime, however, for the time being and based on the data that we have right now, it seems to be that the $26 level is – approximately – our next downside target for the GDXJ.
Please note that this is not the final downside target for the entire medium-term decline.
When could this target be reached? It’s a tough call. For now, it seems that it would be reached between late-March and late-May. Yes, this target area is quite wide, but a lot depends on what both: gold and stocks do. If stocks slide here, then the decline in the GDXJ could be very sharp (and our profits could soar in a very fast and sharp manner!).
Meanwhile, the relative performance of junior miners compared to senior miners continues to deteriorate in a medium-term trend.
During this quick upswing, juniors rallied relative to seniors, but this is just a very short-term move that’s within a short-, and medium-term downtrends.
This implies bigger declines in the GDXJ in the future.
Also, let’s not forget about the forest while looking at individual trees. By that, I mean looking at how gold stocks perform relative to gold. That’s one of the major indications that the current situation is just like what we saw at the 2012 top.
The situation in the gold stock to gold ratio is similar to what we saw in late 2012 and early 2013. The HUI to gold ratio invalidated its first attempt to break lower (marked with red, dashed lines), but after a corrective upswing, it then broke lower more decisively. That’s what I marked using black, dashed lines.
Recently, we saw a quick upswing in the ratio, but that’s not a game-changer – even the biggest declines had corrections in the past. In fact, the correction appears to be over, as the ratio declined sharply. This is yet another indication that the huge, medium-term downswing is already underway.
If history is to rhyme, we’re about to see a profound decline. In fact, we’re likely already past its beginning.
Also, please note that the pattern that we currently see, which started in early 2016, is somewhat similar to what happened between 2003 and 2008.
Back in 2008, the breakdown from the consolidation resulted in sharply lower ratio values and much lower prices of gold stocks.
So, if the situation is analogous to 2012-2013, we’re likely to see a big decline in the following weeks/months, and if it’s analogous to 2008, we’re likely to see an enormous decline in the following weeks/months.
Interestingly, the situation in the gold stocks to other stocks ratio (HUI Index vs. S&P 500 Index) provides the same implications but from a different angle.
The corrective upswings that we’ve been seeing since 2015 are getting smaller and smaller. The current one is visibly smaller than what we saw last year.
Just like it was the case with the gold stocks to gold ratio, gold stocks to other stocks ratio declined sharply recently and it serves as a bearish confirmation.
Consequently, it seems that the ratio is ripe for a breakdown below the 0.05 level. The next support is provided by the all-time low at 0.026. And yes, with the ratio at 0.065 right now, this implies a decline by about 60%. If the HUI Index were to decline by 60% right now, it would have to move to about 100. If the stock market declined as well, it would imply the HUI was even lower.
Declining stock prices would only add fuel to the bearish fire (after all, gold stocks are… just stocks) and that’s exactly what’s likely to happen.
Just like what we saw in the case of copper and gold, world stocks corrected about 61.8% of their preceding decline. And that’s extremely bearish given the self-similarity to 2008.
Please note that the initial decline was now bigger than what we saw in 2008. Back then, stocks corrected about 61.8% of their initial decline before tumbling. And exactly the same thing happened recently!
Also, the RSI just turned south and back in 2008 that was the final confirmation before the waterfall selling.
Just as the 2008 rally wasn’t bullish, the most recent corrective upswing wasn’t bullish at all.
Real interest rates are rising, which is bad news for businesses! People appear to live on “hopium,” expecting the Fed to turn dovish and throw money on the market, but the data doesn’t support this outcome at all.
Given the analogy to 2008, and the fact that the initial slide was bigger this time, the following slide could be even bigger than what we saw in 2008. Naturally, this would be profoundly bearish for junior mining stocks.
This means that nothing really changed, and the situation remains extremely bearish based, i.e., on the analogy to what we saw after previous invalidations of long-term breakouts.
As a reminder, in early 2022, I wrote that the situation was very bearish as invalidations of previous breakouts were usually followed by massive declines – not just in stocks but also in precious metals.
When stocks invalidated their 2006 breakout in 2008, their prices truly crumbled.
We also saw that on a smaller scale in 2014, 2015, and early 2018.
We’re seeing it right now.
To clarify, we’re actually seeing the aftermath of the invalidation. The huge decline is already taking place.
The difference between now and 2008 is that back then the slide was more volatile, and we didn’t really see a visible correction during the plunge. This time, the decline is more measured, and we saw a correction to one of the most classic retracements imaginable – the 38.2% one. This correction doesn’t change the trend, which remains down.
Based on what happened in 2008, it seems that stocks are about to move much lower in the following months.
The lower part of the chart features the XAU Index, a proxy for both gold stocks and silver stocks.
First of all, this comparison of mining stocks and other stocks could appear shocking, and rightfully so.
The XAU Index is well below its… 1995 highs (yes, miners are really so weak), while world stocks are much higher.
The second shocker is how far and how fast miners declined in 2008. Starting with the final corrective upswing, the mining stocks index declined by a breathtaking 69.2%!
Less than a third of the starting value.
It took just a few months for this decline to materialize.
So far this year, the XAU Index has declined by 18.7%, counting from the yearly high to yesterday’s intraday low.
And so far this year, the GDXJ ETF has declined by 19.3%, using the same measurements.
As a result, the performance of both may be roughly comparable, or — more likely — junior miners may decline more due to their closer link to the general stock market. This means that based on the above-mentioned analogy to 2008, we can’t rule out a decline by about 70% (or more!) in the GDXJ starting at the recent short-term high ($41.16).
Shaving off 70% of that value leaves us with $12.35 as the possible downside target for the GDXJ ETF.
Impossible? It has already happened! (In the XAU, as the GDXJ wasn’t trading at that time yet).
So, yes, the outlook for the mining stocks is truly extremely bearish for the following months.
Let’s take a look at the markets from a more short-term point of view and from the U.S. perspective.
I previously wrote that just as the first attempt to break above the rising and falling blue resistance lines had failed, the second attempt was also likely to be unsuccessful. And that’s exactly what happened!
Stocks declined heavily yesterday, and the move took them not only below the above-mentioned resistance lines but also below the neck level of the head and shoulders top formation (marked with red dashed lines).
The breakdown was confirmed. Then, the S&P 500 moved slightly above the neck level in intraday terms, but – also given today’s early decline – there was no real invalidation in terms of the daily closing prices, so the bearish implications remain intact.
Since stocks and the precious metals market had declined together, and then they rallied together, it seems that they can slide together in the following weeks as well.
But… Let’s keep in mind that it’s all just about the short term. The big picture is much, much, much more important right now, and the really big picture is as extremely bearish as it gets.
Please note that mining stocks started their declines without the stock market’s help. So, when they finally DO get this help, they are likely to truly plunge.
In fact, given what we saw on the chart featuring world stocks, the above seems very likely.
Why is this important for gold and silver investors and traders? Because the last two big moves took place more or less in line with each other – in stocks and in precious metals (and miners). The slide in stocks could also trigger something similar in the case of commodities like crude oil. The same thing is likely to happen again this time, especially given what’s happening in the USD Index.
The USD Index is after a sharp corrective downswing that is very similar to what happened in the USDX during the 2008 corrective rally in gold.
On a short-term basis, we see a similarity in the RSI to what happened in mid-2021 (marked with green rectangles). In fact, the similarity is present also in price – it moved to the 50-day moving average and then rallied once again. That was what triggered substantial declines in gold.
This suggests that the USDX is ready to rally further.
Let’s zoom out.
The really important context is visible from the long-term point of view. Namely, the USD Index moved back above its 2016 and 2020 highs – also in intraday terms.
Despite a small move lower, these highs held as support.
This is profound. The move below those levels seemed rather accidental, and the fact that the USDX is back above them means that it showed strength (in one additional way). The very strong support level – ultimately – appears to have held ground.
The implications are very, very bullish for the following weeks.
Overview of the Upcoming Part of the Decline
- It seems that we’re seeing another – and probably final – corrective upswing in gold, which is likely to be less visible in the case of silver and mining stocks.
- If we see a situation where miners slide in a meaningful and volatile way while silver doesn’t (it just declines moderately), I plan to – once again – switch from short positions in miners to short positions in silver. At this time, it’s too early to say at what price levels this could take place and if we get this kind of opportunity at all – perhaps with gold prices close to $1,500 - $1,550.
- I plan to switch from the short positions in junior mining stocks or silver (whichever I’ll have at that moment) to long positions in junior mining stocks when gold / mining stocks move to their 2020 lows (approximately). While I’m probably not going to write about it at this stage yet, this is when some investors might consider getting back in with their long-term investing capital (or perhaps 1/3 or 1/2 thereof).
- I plan to return to short positions in junior mining stocks after a rebound – and the rebound could take gold from about $1,450 to about $1,550, and it could take the GDXJ from about $20 to about $24. In other words, I’m currently planning to go long when GDXJ is close to $20 (which might take place when gold is close to $1,450), and I’m planning to exit this long position and re-enter the short position once we see a corrective rally to $24 in the GDXJ (which might take place when gold is close to $1,550).
- I plan to exit all remaining short positions once gold shows substantial strength relative to the USD Index while the latter is still rallying. This may be the case with gold prices close to $1,400 and GDXJ close to $15 . This moment (when gold performs very strongly against the rallying USD and miners are strong relative to gold after its substantial decline) is likely to be the best entry point for long-term investments, in my view. This can also happen with gold close to $1,400, but at the moment it’s too early to say with certainty.
- The above is based on the information available today, and it might change in the following days/weeks.
You will find my general overview of the outlook for gold on the chart below:
Please note that the above timing details are relatively broad and “for general overview only” – so that you know more or less what I think and how volatile I think the moves are likely to be – on an approximate basis. These time targets are not binding nor clear enough for me to think that they should be used for purchasing options, warrants, or similar instruments.
Letters to the Editor
Please post your questions in the comments feed below the articles, if they are about issues raised within the article (or in the recent issues), and if they are about other, more universal matters, I encourage you to use the Ask the Community space (I’m also part of the community, after all), so that more people can contribute to the reply and then enjoy the answer. Of course, let’s keep the target-related discussions in the premium space (where you’re reading this).
Summary
To summarize, in my view, the real interest rates are up and about to soar higher, the USD Index is likely to soar, and the precious metals are likely to slide – most likely in the 2008 style. Silver, miners, and especially junior mining stocks (and the FCX) are likely to slide the most.
In the very near term, the price of gold (and, to a much smaller extent, the prices of other parts of the precious metals sector) might be chaotic, as safe-haven buying is likely to be mixed with all sorts of other factors (like the initially declining USDX and then truly soaring USDX, a falling stock market in the U.S., a falling international stock market, etc.).
Not all trades are worth making, and let’s keep in mind that we just profited from a quick long position and re-entered the short positions in GDXJ just $0.10 from the first top in terms of the closing prices.
Junior miners were ONCE AGAIN REMARKABLY weak relative to gold, which is a SCREAMING confirmation that a huge decline is likely underway.
This might be a good moment to check if the size of your position is appropriate – if it’s too big, then it’s a good idea to moderate it, but if one was just “testing the water” with a tiny amount of capital, it might be a good moment to take a more “regular” approach.
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Also, congratulations to those of you that took advantage of the extra trade that I featured in the FCX – the positions entered became profitable almost immediately, and it looks like those profits are about to increase much more in the following days/weeks.
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As a reminder, we still have a “promotion” that allows you to extend your subscription for up to three (!) years at the current prices… with a 20% discount! And it would apply to all those years, so the savings could be substantial. Given inflation this high, it’s practically certain that we will be raising our prices, and the above would not only protect you from it (at least on our end), but it would also be a perfect way to re-invest some of the profits that you just made.
The savings can be even bigger if you apply it to our All-inclusive Package (Stock- and Oil- Trading Alerts are also included). Actually, in this case, a 25% discount (even up to three years!) applies, so the savings are huge!
If you’d like to extend your subscription (and perhaps also upgrade your plan while doing so), please contact us – our support staff will be happy to help and make sure that your subscription is set up perfectly. If anything about the above is unclear, but you’d like to proceed – please contact us anyway :).
As always, we'll keep you – our subscribers – informed.
To summarize:
Trading capital (supplementary part of the portfolio; our opinion): Full speculative short positions (300% of the full position) in junior mining stocks are justified from the risk to reward point of view with the following binding exit profit-take price levels:
Mining stocks (price levels for the GDXJ ETF): binding profit-take exit price: $26.13; stop-loss: none.
Alternatively, if one seeks leverage, we’re providing the binding profit-take levels for the JDST (2x leveraged). The binding profit-take level for the JDST: $13.87; stop-loss for the JDST: none.
For-your-information targets (our opinion; we continue to think that mining stocks are the preferred way of taking advantage of the upcoming price move, but if for whatever reason one wants / has to use silver or gold for this trade, we are providing the details anyway.):
Silver futures downside profit-take exit price: $17.83 (stop-loss: none)
SLV profit-take exit price: $16.73 (stop-loss: none)
ZSL profit-take exit price: $32.97 (stop-loss: none)
Gold futures downside profit-take exit price: $1,743 (stop-loss: none)
HGD.TO – alternative (Canadian) 2x inverse leveraged gold stocks ETF – the upside profit-take exit price: $10.97 (stop-loss: none due to vague link in the short term with the U.S.-traded GDXJ)
HZD.TO – alternative (Canadian) 2x inverse leveraged silver ETF – the upside profit-take exit price: $25.47 (stop-loss: none)
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Optional / additional trade idea that I think is justified from the risk to reward point of view:
Short position in the FCX with $34.13 as the short-term profit-take level. (stop-loss: none)
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Long-term capital (core part of the portfolio; our opinion): No positions (in other words: cash)
Insurance capital (core part of the portfolio; our opinion): Full position
Whether you’ve already subscribed or not, we encourage you to find out how to make the most of our alerts and read our replies to the most common alert-and-gold-trading-related-questions.
Please note that we describe the situation for the day that the alert is posted in the trading section. In other words, if we are writing about a speculative position, it means that it is up-to-date on the day it was posted. We are also featuring the initial target prices to decide whether keeping a position on a given day is in tune with your approach (some moves are too small for medium-term traders, and some might appear too big for day-traders).
Additionally, you might want to read why our stop-loss orders are usually relatively far from the current price.
Please note that a full position doesn't mean using all of the capital for a given trade. You will find details on our thoughts on gold portfolio structuring in the Key Insights section on our website.
As a reminder - "initial target price" means exactly that - an "initial" one. It's not a price level at which we suggest closing positions. If this becomes the case (as it did in the previous trade), we will refer to these levels as levels of exit orders (exactly as we've done previously). Stop-loss levels, however, are naturally not "initial", but something that, in our opinion, might be entered as an order.
Since it is impossible to synchronize target prices and stop-loss levels for all the ETFs and ETNs with the main markets that we provide these levels for (gold, silver and mining stocks - the GDX ETF), the stop-loss levels and target prices for other ETNs and ETF (among other: UGL, GLL, AGQ, ZSL, NUGT, DUST, JNUG, JDST) are provided as supplementary, and not as "final". This means that if a stop-loss or a target level is reached for any of the "additional instruments" (GLL for instance), but not for the "main instrument" (gold in this case), we will view positions in both gold and GLL as still open and the stop-loss for GLL would have to be moved lower. On the other hand, if gold moves to a stop-loss level but GLL doesn't, then we will view both positions (in gold and GLL) as closed. In other words, since it's not possible to be 100% certain that each related instrument moves to a given level when the underlying instrument does, we can't provide levels that would be binding. The levels that we do provide are our best estimate of the levels that will correspond to the levels in the underlying assets, but it will be the underlying assets that one will need to focus on regarding the signs pointing to closing a given position or keeping it open. We might adjust the levels in the "additional instruments" without adjusting the levels in the "main instruments", which will simply mean that we have improved our estimation of these levels, not that we changed our outlook on the markets. We are already working on a tool that would update these levels daily for the most popular ETFs, ETNs and individual mining stocks.
Our preferred ways to invest in and to trade gold along with the reasoning can be found in the how to buy gold section. Furthermore, our preferred ETFs and ETNs can be found in our Gold & Silver ETF Ranking.
As a reminder, Gold & Silver Trading Alerts are posted before or on each trading day (we usually post them before the opening bell, but we don't promise doing that each day). If there's anything urgent, we will send you an additional small alert before posting the main one.
Thank you.
Przemyslaw K. Radomski, CFA
Founder, Editor-in-chief
