Friday 18 October 2013

Metals with significant gains for the week

A relatively quiet end to the week for the metals - after the very strong 'weak dollar' induced gains of Thursday. Across the week, Gold and Silver saw net weekly gains of 3.6% and 2.9% respectively. However, the did term trend remains weak.


GLD, weekly2



SLV, weekly2


Summary

Suffice to say, it was a bit of a quiet end to the week for the precious metals. The main action remains in US equities which continue to build..and see accelerating gains - especially on the bigger weekly/monthly cycles.
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There remains a small chance that the metals will rally to early 2014, but even if they do, the bigger monthly charts are still very bearish, and highly suggestive of new lows before the next multi-year ramp..to Gold $2000..and way beyond.