A third week of strong gains

Despite the USD continuing to strengthen, the precious metals managed a third consecutive net weekly gain. Gold and Silver climbed by 1.4% and 3.4% respectively. Near term outlook is bullish, but still... the broader trend remains bearish.


GLD, weekly

SLV, weekly

Summary

So.. three consecutive weeks of upside... but we're still to break the high from last July.

In the grand scheme of things... this latest up wave is like just that... another bounce... within a broader down trend.

$1130 Gold makes ZERO sense as a key multi-year cyclical low. I hold to the original target of $1000, if not even 900/875 by late 2015.

If correct, it has major implications for the Gold/Silver miners which are higher by around 18% this January, but which could break new multi-year lows by the late spring.