Friday 3 October 2014

Just another down week

Whilst the broader US capital markets saw some mixed action, there was continued weakness in commodities. Gold and Silver saw net weekly declines of a significant -2.1% and -4.6% respectively. Near term outlook remains bearish.


GLD, weekly



SLV' weekly


Summary

With the USD continuing to soar on what might not be a multi-month up wave, but a massively important multi-year one... commodities are naturally under downward pressure.

Primary targets remain unchanged...

Gold $1000/900
Silver $12/10

... which if correct, will have grave implications for most mining stocks.. even if the broader equity market continues to rise.