Gold - downtrend from last Sept has finally broken.

Silver - peaked April last year - has also broken downtrend.

GDX (big cap gold stocks) - marginal break of downtrend from last Sept.

GDXJ (small caps) - peaked April last year - downtrend not yet broken. However, it is testing the shorter downtrend from Sept.

TSX - peaked April last year - downtrend is broken but has pulled back to the line - appears to be bouncing now.

Venture - peaked March last year - still a long way from breaking the downtrend, but has broken the shorter downtrend from March this year.

Overall picture is somewhat bullish - downtrends are starting to be tested and broken. Also seasonality is currently positive for the PM space. The main fly in the ointment is that the metal is still leading the stocks and the big caps are still leading the small caps. It would be preferable if this were to reverse.

If past trends are any indication, US markets should pull back somewhat in Sept, but PMs should do well. We'll see what happens when the grownups come to play after Labour Day.