Noticed late afternoon drop today starting at 2:30, hit GLD, SLV, HL & SWL all at the same time. Apparently money flowing out of PM stocks and back into S&P, also, USD popped today. This makes sense after looking at SPY chart; just as PM stocks were dropping, at 2:30 on the dot, SPY started a brief rally which fizzled out around 3:35. Just as the SPY rally fizzled, SLW stopped its decline and bounced off of $26.20. A good chunk of todays volume came during the final hour of trading. As an aside: copper / gold producer Freeport McMorran's (FCX) two day chart pattern is almost identical to SLW's with respect to the timing of the sell-offs.
This is nothing more than high-frequency money sloshing back and forth between the metals stocks and the S&P and little to do with the actual value of the underlying metals, IMO.
Didn't have the juice to break the resistance. Needs to drop back and regroup. Unload some weak hands and build the base. When the missiles fly, it should take out the 200 dma. Delimma now is finding the bottom on this correction. I like 26.44 for the time being. GLTY!