Just a quick update as things are moving quite fast in the PMs.

Gold moved above $2,000 today, so you may be wondering if this breakout changes anything with regard to the outlook for the mining stocks. It doesn't. Given gold's clear move higher, miners should be moving to new highs as well, and at the moment of writing these words, GDX ETF, GDXJ ETF, HUI Index, XAU Index, SIL ETF are all below their previous 2020 highs. In other words, they continue to underperform.

The USD Index corrected a bit, but it's still after a short-term breakout - the latter wasn't invalidated. Once USDX moved visibly higher and it's clear that the breakout was verified, gold would be likely to reverse and invalidate it's move above $2,000. Mining stocks would be likely to react with a significant decline.

As always, we'll keep you - our subscribers - informed.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Editor-in-chief, Gold & Silver Fund Manager