E Lack Of Participation From Miners Denotes An Underlying Weakness

Gold and Silver jumped to fresh highs, but miners are lagging significantly; they should be up 3%+. The lack of participation in miners implies that the metal rally is running on fumes. I expect gold and silver to turn lower next week.

-GDX- Miners are modestly higher and maintaining the trendline while gold and silver jumped to new highs. The lack of participation from miners denotes an underlying weakness that should lead to lower prices. I’d like to see miners sharply lower early next week, perhaps Monday.