Gold just soared today, but neither silver, nor mining stocks moved above their Tuesday's intraday high. When gold is making new immediate-term highs, but miners don't, it means that the precious metals market is most likely topping. Even given today's rally, gold is relatively close to its 61.8% Fibonacci retracement that we discussed in the recent Alerts and thus the situation remains similar to what we saw in 2008, 2012, and late 2016. The outlook for the precious metals market remains bearish.

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

Thank you.

Przemyslaw Radomski, CFA