Today's price action has been exceptionally bearish in precious metals mining stocks. Miners have declined significantly on strong volume and such declines usually marked starting points of bigger declines in the sector in the past. Is the situation clearly bearish yet? It's not - there's still a chance that what we've just seen is a repeat of the early July 11th single-day correction.

However, on July 11th, gold moved higher despite PM stocks declined and today both parts of the PM market declined at the same time. Silver confirmed the move lower on significant volume and is in fact lower than it closed 10 days ago.

All in all, the situation is now more bearish than it was yesterday and we continue to look for a confirmation of this decline. It's too early to provide targets for this decline - we would first like to see that this decline is indeed taking place and that it's not a one-day event. We'll provide you with more details as soon as the situation becomes clearer.

Thank you.

Sincerely,

Przemyslaw Radomski

PS. On a personal note, the CFA June exam results were released yesterday - your Editor has successfully passed the CFA Level 2 exam (thank you once again for all the "good luck" messages that you've sent 2 months ago).