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Peter Spina has highlighted the potential for a bullish movement in gold-silver stocks pending certain market conditions. He noted that for this trend to be confirmed, the GDX must close above its mid-October highs.
While Spina acknowledges the possibility of resistance just above these levels, he suggests that the coming days will reveal whether the stocks move sideways or commence a take-off run.
Spina's current assessment builds on his previous observations regarding the dynamics of SLV short positions, which recently climbed to 10 percent of global silver output. Additionally, his ongoing scrutiny of gold ownership remaining at just 0.5% despite prevailing bullish sentiment underscores the broader market hesitancy that could influence the trajectory of gold-silver stocks in the days ahead.