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I know that gold is all the rage these days, but as we well know by now the bullion has been dramatically outperforming the gold miners. That said, the silver miners are starting to perk up here. Now, I know that they love to tease us with false breakouts and breakdowns alike. However, when I see best in class (JakeGint agrees with me) miner SLW leading to the upside after holding a backtest of all its moving averages, it does force me to monitor the group for a sustained move higher.
Also note that unlike gold bullion, the miners have not been part of a “fear trade” per se. I suspect if equities are going to bottom here, then the miners will be one of the leaders to the upside as per the easy money bull market that has surrounded us over the past two years.
Members of The PPT and 12631 click here for an extensive list of the silver miners.
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According to Gary Savage, whom Jake also respects, ” the HUI should be over 700-800 by now. The fact that it’s not tells me that the mining stocks are aware that gold is in a final parabolic stage of the rally.”
I’m in GLD today along with Gary and may very well get out by the end of the day, especially if we print a solid black candle at the end of the day..
silver miners could outperform