A More Linear Path

On the back of the Fed raising rates and also raising its growth outlook for the economy, precious metals and miners are turning in their first impressive session in quite some time. For a while now, the precious metals/miners have suffered in the face of equities marching higher, not to mention the crypto craze stealing their thunder. 

Nonetheless, it is always worth paying attention to relative outperformers, even in a lagging sector and asset class, since once the tide turns they would be go-to long ideas. 

In this case, Wheaton Precious Metas (formerly Silver Wheaton, SLW), below on the daily chart, is a pretty good example of the type of relative strength we look for in a lagging group.

Note WPM needs to clear and hold over $21.70 now to break its sideways consolidation higher. 

Gold and silver have not been on a linear path at all with the prospect of rising rates. However, today at least puts them back on the radar for some type of relief trade into year end.