Another week lower for the metals

It was just another negative week for the precious metals. Gold and Silver saw net weekly declines of -0.9% and -1.9% respectively. Gold looks set to break the $1130 low... and remains on track for the giant $1000 threshold this late spring/summer... along with Silver in the $12/10 zone.


GLD, weekly'3

SLV, weekly

Summary

Little to add.

Precious metals remain within broadly bearish down trends. The strengthening USD is causing massive problems for most commodities.

Best guess... Gold $1000.... perhaps 900/875 zone by Sept/Oct... along with Silver 12/10.

If correct, that has grave implications for the mining stocks.. with most set to lose a further 25/50%