Below is a long term weekly chart we’ve been following which shows the breakouts and back-testing that have been going on for several months with SPDR Gold Shares ETF (NYSE:GLD) and iShares Silver ETF (NYSE:SLV), and just 5 weeks or so for the HUI. This big picture view from 35,000 feet shows how much of an infant this new precious metals bull market is right now.
It was basically born back in January of this year and is just opening its eyes. What we want to see now is a higher high in the coming days and weeks.