I’ve posted several charts of some of our miners, with the size of the percentage pullbacks they have experienced in just two days, coming off new highs set on Thursday. Readers know that I will not say if that was a short term top or not, only time will tell, but I like that the drops are all uniform in style and size. We also know that corrections in bull markets are sharp and scary, but usually short-lived. This tells me that IF miners can drop about 20-25% from high to low soon, I will be comfortable adding to positions in the stocks mentioned below and others, in order to put the 33% of portfolios we sold, back to work. On the other hand, if miners find a short term bottom early next week, I will sit tight with what we have and hold strong, waiting for the next substantial pullback to buy more.

SILJ reached a level that put it 87% above its 200 day MA, and while extended, this etf can trade as high as 105-120% above the MA before topping out. Still, we see the silver junior etf has pulled back over 11% from its all-time high already. I had charts for HL and CDE, both showing 13.5% declines since last Thursday but I seem to have not saved them correctly. You get the point, they are all down around the same amount since the pullback started, like AG….

I will look for lower prices to do any buying, and sit tight with the 66% of positions we still hold. What is your plan?

Silver just made its highest quarterly close in history. This implies all-time high prices on all the shorter time frames are coming, a mere formality. What this means to investors is Silver will be over $50 soon, its just a couple bucks under it now, and that the $50 zone will likely be the new support area for years to come. Regarding miners, this weekly chart of the SIL etf (larger silver miners) should play out like like silver’s chart, suggesting the all-time high up around $80 will be visited before long. At the current rate of gains, it could be next week, but it could take longer. The important takeaway is to be long and strong the metals and miners.

Another big tell that there is much further upside, is that gold started the party like usual. Not only has gold rocketed in a most impressive bull, it has barely pulled back to catch its breath along the way. Instead, it continues making records every week with no indication of a top. If history repeats, we will first have to see gold get tired and find its new trading range, and for silver to take the lead then far surpass gold’s massive percentage gains. Considering neither metal looks close to topping, with silver just inches from new all-time highs, I don’t think $50 will be the top for the white metal. Think more like $60, $70, or even $100, and that is just for this move higher, not the final bull market highs.