Hi-Ho Silver! Seems to be the rallying cry for the day

The last podcast I recorded I talked about the breakout in silver and I actually regretted the fact that I didn't get a chance to talk about silver during my CNBC interview

On my last podcast I mentioned how strong silver had been looking and it held up extremely well in the gold selloff during the prior few days

Sure enough, we had a big breakout again today

Silver was above $17 earlier today, the first time it has been that high all year

Gold is still well below the highs, it needs to rally about $30 to get back to its high for this move

I mentioned on the last podcast that I though the strength in silver was a good leading indicator for both gold and silver

And I talked about all the traders who have been shorting silver, that had been a popular trade when the gold and silver ratio was breaking down, I thought that it made no sense to short silver

To me it was a much better trade to buy silver when it's as cheap as it's ever been relative to gold

This is good constructive action, in fact, the gold stocks are at new highs for the year

The GDX, as I speak, is up 4% on the day; it's above $23 - this is the high for the year

The juniors, GDXJ, that index is up over 6% -  today! This is a new 52-week high