Monday 1 July 2013

Gold gains again, but silver lags

With the US markets beginning Q3 in a somewhat bullish mood, it was no surprise to see some follow through to the upside for the metals. Gold closed +$20, but Silver actually closed fractionally lower. Bigger weekly/monthly trends remain...dire.


GLD, daily


SLV, daily


Summary

Indeed, it was notable that Silver - usually a 2x mover relative to Gold, failed entirely to hold opening gains. The lagging silver is probably just a reminder that the underlying trend remains to the downside.