Silver has so far ignored the slowdown in gold and although it reacted instead of pushing higher as expected in the last update, it quickly made good the losses and it even managed to push to new highs last week. The question therefore arises as to how long silver can continue to forge ahead with gold going nowhere, and more particularly, if gold goes into an intermediate decline, as looks likely from its chart and especially from the charts of the gold stock indices.

The 6-month arithmetic chart for silver looks just great, with the price continuing to rise within a fine uptrend channel, and the only "blot on the landscape" is the large gap that has opened up between the moving averages. As with gold, this is a warning that no uptrend last forever, although while gold has lost upside momentum, silver hasn't - so far.

The 5-year silver chart puts the strong uptrend in silver into historical perspective and shows that silver is getting increasingly extended, as gold did some weeks back. Although the current intermediate uptrend is definitely getting "long in the tooth", there is scope for further upside before it has run its course, and it may end with a spectacular vertical blowoff move that takes it to a short and intermediate-term overbought extreme.

Before anyone writes to tell me about the wonderful fundamentals for silver, as described by writers such as Ted Butler, I know about them, so there's no need.