Yesterday’s session was not the most exciting one this week (unless one focused on the USD Index). Gold and mining stocks were more or less unchanged, while silver moved higher. Does silver’s outperformance indicate a looming top?

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Yesterday’s main news came from Mario Draghi, who sounded more hawkish than investors had expected. As a consequence, the euro soared and the USD Index (EUR/USD is the biggest part of the index) plunged. Gold didn’t really react, neither by rallying nor by declining. Did gold outperform, by staying strong despite Mario Draghi’s hawkish tone, or did gold underperform by not rallying in spite of the USD’s slide?

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Yesterday’s price action in gold (the sudden pre-market $20 slide) can be described in many ways – such as manipulation, volatility, flash crash, anomaly etc. We’ll call it a blessing. Why? Because it revealed several important signals that changed everything regarding the short-term outlook.

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The precious metals market finally showed some strength in the final days of last week and mining stocks finally showed some strength. How significant it is and how much does it change in the current market environment?

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Unlike what we saw three days ago, yesterday’s and Wednesday’s strength in mining stocks was not accompanied by (and thus cannot be attributed to) a rally in the general stock market. Can we therefore assume that the decline has ended?

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