The Signs Are Changing

The sharp upside reversal in the precious metals and miners from the drubbing in the futures is quite the development, considering the progress from "losers to winners" that we saw taking place in recent weeks in terms of buyers arriving just when they were previously giving up the ghost. Gold bears were quite vocal last night in the hopes of another washout. But as you can see below both the gold miners and silver are above their prior lows from earlier in autumn. As they say, from false moves in one direction come aggressive moves in the other way. I am back to stalking a fresh batch of metals and miners longs, likely in the JNUG NUGT USLV UGLD ballpark.