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Trapped

Growling Bear

Between the breakdowns in the US dollar and 10 year yields, precious metals have trapped the Johnny-come-lately and dogmatic bears and are surging higher this morning on the backs of their downtrodden miners.

From our perspective, capitulation in the sector is now in the rear view mirror - as the relative performance between the miners and their underlying spot prices has pivoted sharply higher.

Onwards and upwards.

GDX 2011-2013 versus BKX 2010-2011 Chart
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GDX:GLD 20111-2013 versus XLF:SPY 2010-2011 Chart
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C 2011 versus GG2013 Chart
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BAC 2011 versus NEM 2013 Chart
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10-Year Yield 2004 versus 2103 Chart
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