Friday 26 December 2014

Choppy week for the metals

With significant Friday gains, the metals managed to close broadly flat for the week. Gold and Silver saw net weekly changes of +0.1% and -0.2% respectively. Price structure remains a large bear flag, which has already been arguably confirmed.


GLD, weekly



SLV, weekly


Summary

Little to add.

Most notable... King $ remains King.. set to strengthen across most.. if not all of 2015, and that should keep strong downward pressure on Gold, Silver and even Copper.
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*I've zero interest in being long the metals until Gold is trading around $1000, if not the 900/875 zone by mid 2015.

If metals remain broadly weak.. the mining stocks will similarly remain subdued.. regardless of further main market strength.