PM stocks rallying
Gold down 1.8%
Gold stocks rallying – up from Friday close
Silver down 11.4%
Silver stocks rallying – up from Friday close
As I mentioned on Friday, when the stocks refuse to follow the metal down its a sign of strength.
Where to from here? Not sure yet. PM stocks bottomed as per the Plunger?
I kind of look at KL for the general trend….Up now nearly 4%
I am not getting too excited about one day of action. It’s obviously better than being down 25% in the miners though.
Nothing goes down in a straight line (except silver), including gdx:gld.
Interesting action and fits Plunger’s thoughts perfectly.
Does anyone think silver has put in it’s bottom at $11.78 in pre NY market?
It’s possible, but I personally would not even dream of getting long until it makes a swing low on the daily chart, and probably the weekly chart too.
For me this all comes down to the yen. If it can continue higher from here, then I think the PMs will find a bottom very soon. If instead the yen follows through to the downside from last week’s reversal, I would expect the metals and miners to head even lower.
I’ll call it now. Deadcat, albeit large one. Not surprised at all.
Could be that part of it is the realignment with NAVs.
New lows ahead. A few weeks from here.
I agree Pedro. Sold my few miners that I bought at the close Friday. Broke even on the trade (PAAS still being beaten up but AXU.TO did OK) Live to fight another day.