Silver Lining Up a Shot

Silver and the senior gold miners in the GDX ETF are outperforming the rest of the precious metals and miners complex today, as the metals and miners have quietly been consolidating their recent bounces off of prior lows. There is still, understandably, much negative sentiment out there for this complex still mired in a bear market. However, another leg higher in a tradable rally could easily be at hand in the coming days if not weeks. If the SLV, ETF for silver and seen on the hourly chart below, can clear $16 I may take another shot at the long side, using AGQ or USLV for leverage. Similar comments apply to GDX for a move over $20.30.