Metals catch a weekly bounce

Whilst the broader US capital markets saw some pretty wild swings, the precious metals managed to show the first strength in some weeks. Gold and Silver saw net weekly gains of  2.6% and 3.2% respectively. Near term outlook is bullish... but the broad trend remains sternly bearish.


GLD, weekly

SLV ,weekly

Summary

Silver has of course broken well below the 2013 lows... whilst Gold has only fractionally and briefly traded under the December low.

Regardless of any moderate multi-week up cycle in the remainder of the year... Gold looks set for $1000/900s next year... along with Silver in the 12/10$ range.

.... if correct... it has grave implications for the mining stocks.