Bad week for the metals

There was noticeable weakness in the commodity markets this week, not least due to a USD that continues to claw higher. Gold and Silver saw significant net weekly declines of -1.8% and -0.9% respectively. Near term outlook remains bearish.


GLD, weekly

SLV, weekly

Summary

Suffice to say...Silver remains especially weak, with the sixth consecutive weekly decline.

The 2013 lows look set to fail at some point...whether in the remainder of this year.. or 2015..it really makes little difference.

A break of the 2013 lows will open the door wide open to Gold $1000/900s, which should (in theory) equate to Silver in the low teens.