Even with today's big move, the metals have not yet broken the downtrends, but are bouncing off the bottom of a declining channel, at least so far.
But as those who study the longer term charts know, the June-July timeframe often sees an end to a secular downtrend in this long bull market in precious metals.
I suspect today's rally in the metals is due to weakness in stocks, and a changed perception in risk given the deteriorating situation in the Mideast, as well as the very weak economic results this morning.
But I do not want to lose sight of the theme that gold is priced in the West, but it is largely bought and sold in the East. And I suspect much the same can be said about silver.
When silver takes off, and the gold / silver ratio drops back into the 50's at least, we will know that the bull is more likely back.
We may also wish to keep an eye on the Dow/Gold ratio as well.