Loading ...Yesterday was the first day we’ve seen a real downdraft in the metals. The HUI is down 20 points in the last 4 days, without a doubt forecasting yesterday’s move. Yet even with all the selling, gold still managed to hold $2900. Silver is simply impossible to predict, although it has dropped around $1.50 since reversing down from $33 and change over the same period. There are no support levels for silver that can’t be broken.
What are we looking at then? The shares have always tracked silver better than gold. Are the shares indicating that silver has more room to fall or vice versa? If the shares stop falling, does that mean silver has bottomed and will resume it slow ascent? (Very slow, BTW)
What a sector.