A Trump win in the election was supposed to be bullish for precious metals stocks, but instead investors have seen the plunge in mining shares exacerbated. Despite the 40-week moving average being strong support this year, silver plunged through it post-election like it did not even exist.
Since the summer months, there has been a massive sea change in silver sentiment. Silver sentiment topped this year at a reading of 97% bulls on July 3rd, which also coincided with the 52-week high for silver of $21.14. On Monday of last week, silver sentiment closed the day with a mere 6% bulls. This equates to a drop of over 90% in bullish sentiment over the past 5 months.
Source: Seeking Alpha
