This is just a quick note to let you know that today’s session - so far - has bearish implications for the precious metals sector. The precious metals sector had moved higher at the beginning of the session, which seems bullish, but the way gold, silver and miners performed relative to each other was actually bearish. The reason is that silver outperformed gold and miners didn’t. That’s what happens quite often right before big declines. At the moment of writing these words, gold and mining stocks erased all today’s early gains, forming a daily reversal. If the session ended right now, we would have bearish implications also due to these reversals. Silver didn’t erase all of today’s early gains, but as we mentioned earlier today and many times in the past, silver’s intra-day outperformance is not a bullish sign, but a bearish one. The session is far from being over, but what we’ve seen so far supports the bearish outlook.

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

Thank you.

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

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