Three years ago this month Silver was hitting it's 1980's high, reflected in the chart below. Around the same time, Gold was becoming a crowded trade, so crowded the Gold ETF (ARCA:GLD) became the largest ETF in the world. Over the past past three years, Silver has now lost 61% of its value.
The top chart reflects that Silver has had its worst 18-month performance in the past 30-years. The top chart also reflects that Silver's decline has it testing a 10-year rising support line.
The Power of the Pattern had been long the metals during the bull run, then it suggested to harvest metals positions at the peak. The Pattern even suggest three years ago, two weeks from Golds highs.... that Gold could be flat to down for years to come. (see here).
One of our goals at Kimble Charting Solutions is to find "Tops & Bottoms" in a variety of key assets. Almost the polar opposite of three years ago, we are now finding some unique things taking place at this time in the metals complex. Too many might have fallen in love with both Gold & Silver back in 2011, not so much now after this 61% decline in Silver (28% Bulls).
As mentioned above, the Rate of change is at 30-year lows and Silver is hitting a 10-year rising support line....this doesn't happen very often.