Metals start the week on a downer

Gold and Silver began the week in a particularly weak fashion. In pre-market, Gold snapped lower by -$17, and remained negative across the day. Gold and Silver closed with net daily declines of -1.0% and -1.8% respectively.


GLD, daily

SLV, daily

Summary

Nothing has changed in the bigger picture.

The precious metals remain under strong multiple deflationary pressures, and look set for further downside across 2014, if not also much of 2015.

Mid-term targets remain: GOLD 1050/950, with Silver 12/10