Friday, 17 November 2017

Metals battling upward

It was a bullish week for the precious metals of Gold and Silver, with net weekly gains of +$22.30 (1.7%) to $1296.50, and +$0.50 (3.0%) to $17.37 respectively. Near term outlook offers further upside, not least if the USD stays below the DXY 95.00 threshold.


Gold weekly



Silver weekly



Summary

Suffice to add... nothing has changed.

I hold to the notion that 'Mr inflation is lurking'. Copper saw a key Aug' close >$3.00, confirmed in Oct'.


Copper, gold, silver - monthly, 10yr



The trio of metals do broadly trade together on a multi-year basis. If you believe copper will continue to claw upward into, and across much of 2018, then gold and silver should be expected to follow to some extent.

*if correct, bullish implications for the related mining stocks.

Friday, 10 November 2017

Minor weekly gains

It was a moderately bullish week for the precious metals of Gold and Silver, with net weekly gains of +$5.00 (0.4%) to $1274.20, and +$0.04 (0.2%) to $16.87 respectively. Near term outlook offers further choppy weakness, not least if the USD claws a little further upward.


Gold weekly



Silver weekly



Summary

Suffice to add, gold remains far stronger than silver.

Key thresholds: Gold $1400s, Silver $22s, with Copper $3.00s.
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The three metals do broadly trade together, and it remains my view that if copper does push upward into and across 2018, that gold and silver will eventually follow.


Copper, gold, silver, monthly



Friday, 3 November 2017

Metals settling fractionally mixed

It was a mixed week for the precious metals of Gold and Silver, with net weekly changes of -$2.60 (0.2%) to $1269.20, and +$0.08 (0.5%) to $16.83 respectively. Near term outlook offers further choppy weakness, not least if the USD continues to claw upward.


Gold weekly



Silver weekly



Summary

Gold was lower for a third week, but is still holding well above the m/t bullish trend from the key multi-year low of Dec'2015. Provisional alarm bells should sound with any daily closes <1250, and it won't take much to see that occur. Things turn outright bearish if (at year end), Gold is trading <1200.

Do I expect that? No.   Why? I see indirect strength via copper, oil, and a number of other commodities.

Silver remains far weaker than gold, and is far below the April high of $18.66. The outlook would turn VERY bearish for silver with any daily closes <15.60. For the record, I don't expect that.
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*As ever, the price action in Gold and Silver will have powerful effects on the related mining stocks, which have  been struggling lately.

Friday, 27 October 2017

Metals pressured via the USD

It was a second consecutive bearish week for the precious metals of Gold and Silver, with net weekly declines of -$8.70 (0.7%) to $1271.80, and -$0.33 (1.9%) to $16.75 respectively. Near term outlook offers further weakness, not least if the USD continues to claw upward.


Gold weekly



Silver weekly



Summary

Suffice to add, s/t bearish, but the indirect bullish aspect remains copper...

Copper weekly


 With 2 trading days left of the month, copper is $3.10, and that should be enough to ensure an Oct' close >$3.00.