Today’s flagship Gold & Silver Trading Alert will be published shortly (it’s taking longer to edit as today’s issue is exceptionally long, partially due to the number of questions that I replied to), but I thought that you’d appreciate a quick update as gold just moved to new yearly lows.

In short, today’s early action only confirms points that I made on Friday and that you’ll soon read in today’s main Gold & Silver Trading Alert. Gold moved lower, but not below its April, May, and June lows, which means that technically nothing really changed – a rebound from here is still likely.

Most importantly, though, gold miners (GDX) responded to this move lower in gold by… Doing almost nothing. At the moment of writing these words, the GDX is down by only $0.22, which means that it only erased about half of Friday’s rally. This kind of relative strength of the miners compared to gold is what we want to see as a short-term confirmation that the bottom is in or about to be in.

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

Thank you.

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