Monday, July 10, 6:23 am EST. Silver is off more than another 2%. It’s already broken its December lows. This is true bear market stuff here… Gold is down, too, but not by near as much, and it still has March and December lows beneath it as support… so, what’s going to happen?

The miners are all looking better than silver, and most even better than gold. For a true change to utterly bearish sentiment, gold would also have to fail, as silver already has, and the miners, which typically move faster and sharper than the metals, would have to collapse considerably below where they are now. The miners are displaying greater health than silver or gold. In a truly bearish market, that would typically not be the case.

Since Friday’s volume had swelled, it will be interesting to see if it rises still more again to the downside. A blood-letting sell-off would likely signal a bottom and a potential recovery turnaround. We’re still in wait and see mode. Risk, by technical measures, will be approaching the point of non-existence!

Harold

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