Just a quick update as things are moving quite fast in the PMs.

Gold rallied more than it had rallied when I was writing today’s regular Gold & Silver Trading Alert, and we also now know that miners moved to new December highs. Consequently, I thought that you’d appreciate a quick comment.

In short, what we see during today’s session is still normal and in tune with what I wrote previously.

Silver is way above its previous December high, and it’s even slightly above its November high.

Gold is above its December high, and slightly above the mid-November high, but not even close to the early-November high.

The GDX ETF – proxy for miners – did not manage to move to its mid-November high, even though it did manage to move above its previous December high.

So, what really changed? Not much. Silver is strong relative to gold, while miners are weak relative to both.

Speaking of relativity, please note that gold just moved above its 50-day moving average, just like it did in early November, right before its monthly high (on November 5), and right before a massive daily plunge. On November 5, the GDX ETF, moved above its 50-day moving average as well. But did it move above this MA today? It did so very briefly and then it declined back below it. The moving average is at $37.43, while the current price is $37.06.

Once again, miners are not performing as well as gold does, and the implications remain bearish.

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

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief