Are We There Yet?

The good, the bad and the ugly of the gold mining stocks are on full display.

The good, well there really is nothing good on this chart of the HUI Index.

Alright, the HUI Index has not yet breached the last LOWER LOW of 172.86 and that is the only thing good I can say about the HUI Index of gold mining stocks.

The bad, well there is one really bad thing on the charts for the Bulls. Last week, I posted that if the bulls could take out the prior HIGH of 211.89 then we may get a change in trend. That did not happen.

The HUI Index of gold mining stocks remains in a DOWN TREND.

Now lets look at the UGLY.

Unfortunately, there is an ugly. The gold mining stocks remain in a well defined DOWN TREND, with a series of LOWER LOWS and LOWER HIGHS.

If the Bears can take out the prior low, of 172.86, then the mining stocks are likely to take another deep dive.

Gold is once again trading along support. A break down here and gold could plummet.

Gold remains in a well defined DOWN TREND.

Silver is slightly different. Silver is range bound between $18 and $21 per ounce. Silver on the COMEX closed today smack dab in the middle of the range.

source: JM Bullion

Premiums on American Silver Eagles remains stubbornly high.

Is the premium based upon a lack of supply or high demand or simply a complete rip off?

I will leave it to you to decided the answer to these questions.

Peace out and Stack On!