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Silver Shares? Nobody Cares - Przemyslaw Radomski
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Thread: Silver Shares? Nobody Cares - Przemyslaw Radomski

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    Default Silver Shares? Nobody Cares - Przemyslaw Radomski

    Almost nothing happened on the precious metals market yesterday, or at least that may seem to be the case as the first sight. And that’s true if one doesn’t count the spike in GLD’s volume, but there was something else that actually should have caught one’s attention and it probably wasn’t the case for many gold traders. Silver stocks just broke to new monthly low. What does this tell us?

    It’s a subtle clue that the next big move in the precious metals sector is going to be downside. Think about it – silver stocks had an excellent reason to rally – silver moved visibly higher in the past several days. Yet, instead of showing similar strength, the silver miners moved back and forth moving to new lows. That’s a clear sign of weakness. Let’s take a closer look at both markets

    The recent move higher is clearly visible in case of silver and it’s clearly absent in case of silver stocks. Since the mining stocks often lead metals and are showing relative strength or weakness as a sign of what’s to come, one should currently be expecting a turnaround in silver rather than in the miners.

    Of course, if the financial system was destroyed, WW3 broke out etc., then gold and silver would soar, but nothing like that is likely to happen shortly and the above technical rule for the precious metals is likely to apply.

    As we mentioned earlier, the other noteworthy development was the spike in the GLD ETF volume that accompanied yesterday’s decline.

    Summary:

    Summing up, the increase in the GLD ETF’s volume during yesterday’s decline along with a new low in silver stocks confirm the bearish outlook for the precious metals market. Since the outlook had already been bearish, nothing really changed based on yesterday’s session.

    While the decline may not start immediately due to the tension connected with this week’s monetary authorities’ meetings, the outlook remains bearish and once the dust settles, PMs are likely to decline. It doesn’t seem that we’ll have to wait much longer though as there are only 3 sessions left until the end of the week, including today’s one.


    Just as people were buying like crazy in the early 2016, they are likely to sell like crazy later this year.


    http://silverseek.com/article/silver...dy-cares-17298
    Last edited by valerb; 13th June 2018 at 15:10.
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