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It’s Official: Silver Miners Break Down, Look Very Bearish For 2017

It seems the apocalypse is happening now. After many months silver miners finally are choosing a direction. As seen on the chart, they have moved in a consolidation pattern since last summer (12 months now).

We have followed silver miners very closely because they have been the most precise market in precious metals. That is why we consider silver miners (SIL ETF, see chart) a leading indicator for precious metals.

This is, in chronological order, is what happened in the silver mining space:

Silver Close To Major Breakout

InvestingHaven Bearish On Silver Because of Seasonality

Silver: 7th Breakout Attempt, Amazing Chart Setup

A Rarely Seen Silver Price Chart Pattern

Silver Miners Facing Another Critical Test

Silver Miners Confusing Bulls And Bears

Silver Miners Starting To Break Down, Bearish For Precious Metals

Silver Market: Tension Rises, THE Most Decisive Week Of The Year Coming

As expected, last week would be a decisive week, and, visibly, silver miners decided to start a new bearish trend.

How sure can we be that also gold and precious metals miners will be bearish in the coming months? It seems we can be quite sure, because the USD is bouncing from very strong support right at a time when silver miners (the leading indicator for precious metals) is breaking down. It’s a phenomenal situation, but it has a very clear bearish look for gold and silver.

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  • Kenny Cheung

    If my memory doesn’t deceive me, I recall you were bearish when Gold hit 1046 in December 2015, and you have missed the entire rally into July 2016. Obviously, gold has been in a trading range between 1295 and 1123 after it hit bottom on December 2016, and during that time you have made several market calls for gold to go below 1000. And, despite all your bearish predictions, gold is still not willing to comply and is at the top of the trading range for the year. One has to wonder if EW, Fibonacci, and Gann’s analysis are NOT being incorporated into making any market calls, chances are they are useless. If anyone is reading this please do yourself a favor, go to Seeking Alpha and Elliotwavetrader.com and look at Avi Gilbert’s work before you make any decision as to when to buy and sell silver. I guarantee you that you will NOT be disappointed. Last and not least, I believe US Dollar is not about to rally just yet; and that gold and silver are straightly correlated to the Yen and Yen only. When Yen is getting strong, gold and silver move up, or vice versa.

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