MAY 21 GOLD MARKET ALERT
Yesterday we wrote that "[in 1976] there was a pullback in gold before it moved below the initial low. We could see this type of action shortly. If silver and mining stocks consolidate below their previous lows it will simply serve as a confirmation of the breakdown and an indication of further declines." We didn't have to wait long for the pullback to be seen. Gold, silver and mining stocks moved higher yesterday.
Silver's intra-day price action appears particularly encouraging as it moved almost to $20 (below its 2008 high) only to climb back up later. Is the decline over based on that day? Should you "back up the truck" with gold and silver yet? What about mining stocks?
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