We’re seeing some “strength” on the precious metals market today, so we thought you would appreciate a quick update.
We think - based on what we’re seeing now - that today’s move higher is actually… bearish. It’s bearish because of silver’s visible outperformance. This kind of movement is exactly what preceded previous major declines in early June, early July, late March, second half of August and on many other occasions. Silver moved to its September highs whereas miners and - especially - gold are not at them (the yellow metal is not even close).
Ideally, we would like to see a move back down in the GDX ETF and a daily reversal, but we’ll only know that it was the case after the session is over.
Again, the rally is not that unexpected, and we continue to think that focusing on the medium-term move instead of the short-term one is currently a much better idea and will result in much higher gains.
As always, we’ll keep you - our subscribers - informed.
Thank you.
Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief
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