Relentless weakness since mid-April finally triggered the ‘mechanical’ buy at x=35.58 that we’ve awaited for a month. Such signals are supposed to come at times when they are unappealing, but in this case the opportunity, such as it is, looks so dim that I’ll suggest waiting for lower lows before we attempt an entry. With bearish forecasts for both gold and silver futures in force, and the prospect of a further decline in this vehicle to C=32.25, there is no rush to get aboard.