Given today’s quick move up in the precious metals market (and in particular in silver), we thought you might appreciate an update from us.

In short, it doesn’t seem that anything changed and today’s very short-term outperformance of silver can be viewed as a confirmation that are seeing the end of the counter-trend rally. In today’s alert, we wrote the following:

“Silver could still move a bit higher in the next few days, but if it does, it doesn’t seem that it would move far. (…) Let’s start with the possible (…) short-term upside target. For silver it’s at about $16.50 – at its 61.8% Fibonacci retracement level (…).”

Today’s high was at $16.57, which is in tune with the above. Meanwhile, mining stocks moved a bit higher, but not above their previous highs. Consequently, it seems that today’s session doesn’t make the outlook more bullish - it might even make it even more bearish than it was previously.

As always, we will keep you - our subscribers - informed.

Thank you.

Sincerely,

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