Are We There Yet?

The seemingly eternal question is whether the precious metals have hit bottom?

And once again, it appears that the downtrend in the mining shares remains intact.

A downtrend is defined as a series of LOWER LOWS and LOWER HIGHS.

The HUI INDEX remains in a downtrend, although this week the miners are trading rather flat and mostly sideways. The HUI is this week trading in a very tight range.

The question is which way will that move come, a rally up or further downside action?

Gold remains in a downtrend. This week gold is just moving sideways along its support line.

I tend to agree with Yogi on this one. Looks somewhat like an inverse cup and handle formation to me.

Finally, silver which has a little more life to it than the miners and gold. That being said being almost dead is not really better than dead.

The downtrend remains intact with another LOWER LOW and thus far another LOWER HIGH.

The premiums on silver coinage remains high.

source: APMEX

Over on APMEX the premium is $14.24 over spot for an American Eagle.

We continue to have a downtrend in precious metals with a bit of a divergence with the physical market.

Peace out and Stack On!