Metals rally into the close

Whilst equities saw renewed weakness in the late afternoon, the precious metals rallied into the close. After opening declines of around $13 for Gold, Gold and Silver closed with net gains of 0.1% and 0.5% respectively. Near term trend remains somewhat bearishly choppy.


GLD, daily

SLV, daily

Summary

More than anything, it remains very surprising that despite continued QE - at an annual rate of $1 trillion, the metals are failing to be consistently bid higher.

The FOMC hyper-jump in Gold of $50 is now fading from the minds of even the most ardent gold bugs, and the immediate trend looks somewhat weak.

There remains the chance of a further multi-week wave higher, to test the big $1500, but even if that is hit, the monthly charts will remain generally bearish until at least mid 2014.

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mid-term targets remain the same, with GLD 90s, and SLV 12/10, no later than early 2015.