Yesterday was a critical day in practically all parts of the precious metals sector. Gold reached an important support level, silver closed at our “initial target level” (and that was the lowest daily close in 5 years) and gold stocks truly plunged closing at the lowest level in 13 years (breaking very visibly below the 2008 lows). The profits on our short positions soared. Since there was no breakdown in gold, silver reversed before the end of the session and miners invalidated the previous breakdown – is yesterday’s rally a major opportunity to close any remaining short positions and get back in the precious metals market, or is it a red-alert situation to get out of the precious metals market and increase the size of the short positions?

Even though it seems that we are in uncharted waters here, it’s not true. It’s not the first time that we are seeing this type of situation. If we see the repeat of what happened previously… Well, you definitely want to be prepared.

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Gold stocks soared finally yesterday and the size of their rally made the session one of the most important sessions of this year. How much did HUI’s invalidation change and is THE final bottom in precious metals in?

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The precious metals sector moved higher yesterday – even mining stocks rallied after a series of daily declines. Was yesterday’s reversal an important bottom or should we treat it as something normal that doesn’t change the main trend?

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Mining stocks have disappointed many investors once again (those that were expecting to see strength in the sector), but not us - we were not disappointed as we saw our profits grow once again. Gold and silver declined as well, but the miners’ slide was much more visible and much more meaningful.

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