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Silver down more than 9% at this moment (-$1.48)
Silver miners barely moved.
This is the likely first sign of a bottom for silver.
Pay attention to the silver miners.
EDIT:
PAAS Daily
AXU.TO
MAG Daily
MAG Monthly
OK. I bought a very small amount of AXU and dollar equivalent of PAAS. No MAG, not yet.
Very small amount. Now we see if we can kick start a bounce.
If not Silver is likely going below major support
SLV Weekly
You absolutely cannot assume this.
The miners have clearly led the decline and have, IMO been sniffing this out since July last year when GDX failed to keep up with GLD.
One day’s outperformance means nothing. Have you seen the chart of GDX:GLD? I can guarantee it won’t be a straight line down to 0.
Of course, if all you meant was that there would be a bounce, sure. But that is not a shocker after this week’s carnage. Although one could expect next week to start off with more downside since the FOMC is midweek.
AUY down 13%…?
SIL Down 6%
Look at stocks like AXU and AG. They have been hammered starting around December. At the time I was like “what is going on???” It is clear they knew this drop is silver was coming.
SIL and even SILJ have been behing those two (and probably other silver miners, but those are two I follow).
Also, a lot of silver miners, like AG and AXU started tanking as early as December. So they have clearly been discounting a massive drop in silver for a long time now. It’s all pretty clear in hind sight.
If AXU and AG just continue to tank (after a little bounce or sideways consolidation), you can pretty much guarantee silver is heading to new lows.
HL positive today
Happy Friday the 13th. So stocks get a rocket lift into the close and metals and miners smashed to around daily lows. You know what I think… this smells like what comes out of the rear end of bulls.
sorry, these things are going bankrupt, this is a strong move towards 0
99.9% odds of lower lows given the size of this week’s candle (i.e., no way we form a swing low off of this week’s lows).
Totally agree