Gold and Silver Warning Signs

Precious metals closed the first quarter with solid gains. Gold gained almost 9% while Silver gained 14%. The miners (GDX and GDXJ) gained the same amounts (9% and 14%) but unlike the metals which closed at their highs of the quarter, ended up losing more than half their gains. Despite a strong quarter, the entire complex remains below the February highs and 200-day moving average (ex Silver)  just days after the US Dollar index rebounded strongly from its own 200-day moving average. As the second quarter begins, the warning signs for precious metals are mounting. 

First published here: Gold and Silver Warning Signs