Friday 12 September 2014

A pretty horrible week for the metals

Whilst the main US capital markets saw only minor weakness, there was significant downside in the precious metals. Gold and Silver saw net weekly declines of -3.0% and -2.8% respectively. Near term outlook offers a small bounce, but the 2013 lows look set to be taken out.


GLD, weekly


SLV, weekly


Summary

It was the worse week for the metals since late May.

With the USD continuing to broadly climb for a third consecutive month, this is putting extra downward pressure on the metals.

There is certainly a chance for a minor 1-3 week bounce.... but the 2013 lows look set to be broken within the very near term.. or no later than November.

*holding to broader downside targets.....

Gold $1000/900s
Silver $12/10
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Some videos....which I think many of the 'crazed' gold bugs should have watched...

First...

Hunter with Organ...


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Finally, a short discussion on 'what makes an expert' by Silverfuturist.



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Have good weekend