Last week we wrote that precious metals should see upside follow through but
to be wary of the 200-day moving averages and February highs before becoming
excited. The metals did follow through as Gold gained 1.5% and Silver gained
1.9% (for the week) but the miners disappointed. GDX gained only 1.1% while
GDXJ finished in the red as did junior silver companies (SILJ). As spring beckons,
the gold stocks are showing relative and internal weakness.
Two signs of weakness in the miners are
