The West controls the PM market, they always did. At present the bankers are pushing PMs lower and you either hold and wait or go with the bankers and short PMs. Once you see PMs start to rise during NY time slot, you change your strategy and go long. The market is rigged and has been for years, can someone prove it? No, but the action is very telling. Watch the COT reports end of Fridays and see what is taking place. Last week was a nice week for gold covering shorts, and it would be nice to see this week's COT drop off some shorts as well.
The short position is still historically high so the bankers, I'm guessing Goldman and JP are shaking the market regardless what USD or Euro is doing. The risk of fiscal cliff is also causing liquidation which helps bankers shake the weak PM market more than usual.
Overall SLW thus far has been doing amazingly well when compared to other PM equities. Anyways we have about another month of typical weakness unless general markets take a nose dive, mid Jan should be turn around for PMs.
Also, watch 1685 gold, if they manage to break this support we may slide to 1630 fairly quickly, as it appears we have a nice triangle on charts with support at 1630 and resistance around 1737. And volume is higher on the moves down.