Our silver growth producer index contains 10 silver producers we deem as “growth-oriented” companies. As you can see the short-term price action is quite similar to GDX. The index will likely test the blue line. Will we see a major long-term double bottom?
We reiterate that index has the potential for a super bullish cup and handle pattern. For that to happen we need to see the double bottom, a major recovery and eventually an explosive breakout to new all-time highs. First things first, lets see if the double bottom holds. This index is now in the 23rd month of its consolidation.