Thank for your expert analysis.
I agree, there is a seasonal tendency (!) for the prices of precious metals to head lower before summer and to rise in after several months. However, please note that "tendency" means that it is something that took place at least several times in the past. We can therefore infer that it is the "default mode" of the market meaning that if nothing "big" happens, market will move more or less according to its seasonal tendencies. This brings us to where we are now - we are not yet in the "default mode" right now, as it was only several months ago where we experienced a massive plunge in PMs and mining stocks. Since the plunge was severe and the fundamentals of the precious metals market remain bullish, we have seen a very sizable rebound in the whole sector. I view this as much more important factor determining the direction in which prices will turn next than the regular seasonal tendencies for gold and silver.
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