The trajectory o
f Silver’s bull run is so much steeper than Gold’s that something’s got to give. My hunch is that the divergence will be corrected more gently than some might expect, via moderate weakness in silver and a corresponding, moderate steepening of gold’s bull market. Even so, the divergence could widen over the near-to-intermediate term, and I’m not going to worry about a possible correction until such time as these vehicles hit Hidden Pivot rally targets or significant C-D midpoints. For GDX, the two such numbers lie, respectively, at 61.37 and 70.28. Since GDX is currently probing the lower number, we should turn cautious at these levels. I expect it to be exceeded shortly, but we should verify with hourly readings nonetheless. With respect to SLV, on the weekly chart shown, it’s approaching a muddy ‘D’ at 39.04, but more upside to at least 42.10 is indicated if the lower number is decisively exceeded.