This is just a quick note to let you know that today’s rally in silver is not a bullish phenomenon. Conversely, given the lack of action in gold and mining stocks, silver’s outperformance is actually a bearish confirmation.

This kind of relative strength in the white metal is what we very often see right before big declines. That’s the repeat of the signal that we saw yesterday, which by itself was a confirmation of the bearish indication from the ratio of volumes between SLV and GLD.

The trading right before and the during the day that precedes the interest rate decision announcement is often volatile, and the fact that today’s volatility took form of silver’s outperformance serves as a bearish confirmation.

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

Thank you.

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

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