This is just a quick note to let you know that today's rally in gold does not change our outlook for the precious metals market. Gold moved more or less to the declining medium-term resistance line - there was no visible breakout and even if there was an insignificant one, it is far from being confirmed.

Silver didn't move above the previous high (and the topping formation seems similar to what we saw in August) and mining stocks continue to underperform.

We'll keep you informed should anything change. At this time, we don’t think that anything has.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief

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