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:
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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