Gold and silver up.
Jim Sinclair, legendary investor and trader, wrote on his website “Mineset” an article entitled “Bite the Emotional Restraint Bullet”. According to Sinclair, the bear market in gold is very close to its end, and the next bull leg could take gold above $3,500 and, with it, the gold miners would shine again. I do hope that he’s proven right because, as I wrote here, the chart of the gold and silver miners ETFs doesn’t look precisely bullish. If Sinclair is right, the charts should give us advanced warning of a change in trends. In the meantime, we wait.
Let’s turn our eyes to today’s market action.
The SPY, Industrials closed up. The Transports closed down. The primary and secondary trend remains bullish.
Today’s volume was higher than yesterday’s, which makes it a bullish volume day.
Gold (GLD) and silver (SLV) finally closed up. The primary and secondary trend remains bearish.
GDX (gold miners ETF) closed up. SIL (silver miners ETF) closed down. The primary and secondary trend remains bearish.
The Dow Theorist