Just a quick note to let you know that today’s quite sharp move higher is not a game-changer - it appears to be just an overreaction to Powell’s speech. The important thing is that while SLV (proxy for silver) is substantially stronger than mining stocks (GDX) - the former is above this week’s intraday high, while the latter is not. That’s a subtle sign that this emotional, news-driven and likely temporary move is just a pause within a decline.

Consequently, the outlook for the precious metals market remains very bearish.

As always, we’ll keep you - our subscribers - updated.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager

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