It seems the apocalypse is happening now. After many months silver miners (SIL) 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.
