
Our proprietary cycle indicator reached 100% and turned down last week.

USD broke out as anticipated in last week's update.

Gold stocks as represented by $HUI have not had a consolidation this year; consolidation is long overdue.
Summary
A bull market in gold and silver is now confirmed, but the cycle has turned down, suggesting that a long overdue correction may have started. USD broke out and up as expected, which is not friendly to the metals.
Caution is advised.



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