Gold finally catches the 'flight to safety' bid

The 12 week decline from 1730 to 1480 for Gold abruptly came to an end today, with a severe ramp of $59 - almost 4%. Once again Silver was weaker, although even Silver still had reasonable gains of 2.5%


GLD, daily

SLV, daily

Summary

With the main equity indexes getting whacked over 2% lower, Gold (and the miners) were a standout today. The old 'flight to safety' issue finally appears to have arisen again. Yet a large part of today's big Gold move was surely technical, with a short-stop cascade to the upside. Considering the weekly and monthly cycles, I'm still not bullish on either Silver or Gold until considerably lower levels of $1200 and $20 respectively.

An update on the monthly cycle, will be issued this weekend.