Metals pulling back..a little

With the broader market still adjusting to the notion of an open-ended QE3, the metals have been cooling off. The pretty fierce up trend that started in mid-August has concluded, and we're now clearly pulling back a little.


GLD, daily

SLV, daily

Summary

So far though, the declines are very minor, and even if Silver pulled back to 31/30, it'd still well within a generally bullish outlook.

Clearly, only with a break back into the 28/27s, could I be bearish on Silver across the longer term.

It will be particularly interesting to see how the metals perform this Autumn. There is no doubt the global economy is weakening, but the central banks are printing..faster and faster. The issue is which of those two mighty forces is the more powerful.