A second week of gains

Whilst the equity market broadly fell, along with a weaker USD, there were further significant gains for the precious metals. Gold and Silver saw net weekly gains of 1.2% and 1.3% respectively. Near term outlook is very uncertain, whilst the broader trend remains bearish.


GLD, weekly

SLV, weekly

Summary

Little to add.

As the USD continues to cool.. there will be underlying upside on the metals. The recent gains in WTIC Oil, back over the $50 threshold are also helping.

It would still seem far more natural for Gold to test the giant $1000 threshold later this year.