Will the next move in the gold market be downside?

Gold moved slightly higher, silver soared, but miners declined on Friday. If it’s not a screaming short-term signal, I don’t know what is.

The key thing that you can see above is that the way in which those three parts of the precious metals market behaved on Friday differed considerably. This means that silver was just particularly strong relative to gold, and miners were just particularly weak relative to gold. Taking the above together points to a situation in which we are seeing a top in the precious metals market.

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