I sense disappointment in the metals' performance today. I am disgusted as well, but let's look at where we are. Silver is ahead of gold in its bearish reversal. The SLV price has already made its 'double-pump' closes above its 8-dma, and its 8-dma (129.30) is but 3 cents away from closing above its 13-dma (129.66). GLD is puffing, but not struggling to break out as well.
In fact, as we know the precious metals equities outperform the underlying metals in these bull runs, you'll see on the bottom charts whereas the HUI is now gaining vs. GLD. Additionally, as silver outperforms gold in bull runs, the G/S Ratio has been favoring silver for the past 3 weeks! The more cautious amongst you may want to wait for the 8/13-dma crossover on the GLD/HUI. It's up to you.
Sticking my neck out as I generally do, I see both metals moving through the gears by the end of this week as they accelerate away from the crowds and naysayers. Make sure your car is in the race and you're behind the wheel.
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