Thursday 31 July 2014

Monthly declines for the metals

July ended badly for the precious metals, with Thursday net changes of  -1.1% and -1.0% for Gold and Silver respectively. Across the month, Gold and Silver saw net monthly declines of -3.4% and -3.1% respectively.


Gold, monthly, fib levels


Silver, monthly, fib levels


Summary

*today was somewhat unusual in that despite a veritable basket of geo-political issues simmering.. the metals failed to catch a fear bid.

Whether it was an after effect of the latest QE taper or Argentinian debt concerns, but regardless, a poor month for the metals.

I'm still seeking a test of the giant $1000 threshold.... which seems more likely next year.