The latest BMR is nearly over for the PM sector.
It is already for the weaker issues.
About a quarter of the individual issues are now (back) on monthly sell signals (pending EOM).
The better quality miners are still in uptrends, but breathing harder.
There are indicators out there capable of pointing down even while price continues to advance.
I watch 3-4 of those closely, and for many of these still advancing issues, reversals appear to be in the works.
More generally, it appears that Moral Hazard is the guiding rule.
As long as the general market is moving lower, WS expects central bankers to exercise the Fed put (QE and bailouts => rising gold)
So when a bottom seems like its forming for the indices, like today, interest in the PM hedging complex wanes.
That’s where we seem to be, once again.
Right now major market index buy signals and PM sell signals are in place, but provisional. Backtesting expected next.