Wow! If you were waiting for a really clear sell signal for miners – this is it.
Gold futures soared once again, GLD rallied as well, but miners and silver? They DECLINED.
As gold rallied so much, miners were practically forced to move higher as well, but please note how quickly it moved back down – it definitely doesn’t want to move higher from here.
Also, silver’s breakout turned out to be a fakeout – exactly as I had warned.
Despite the initial rally, silver is once again below the previous high.
This is very likely the final top in silver and miners. Probably the same applies to gold, but since that’s the safe-haven metal and the current Trump-era is particularly chaotic, I wouldn’t want to short gold here (and I’m not).
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Przemyslaw K. Radomski, CFA
Founder, Editor-in-chief