A brutal month for the metals

July saw Gold and Silver decisively break the Nov' 2014 lows, with net monthly declines of -$77 (6.6%) @ $1095  (intra low 1072), and - $0.92 (5.9%) @ $14.74. Near/mid term outlook remains very bearish, with Gold set to test the giant $1000 threshold.


Gold, monthly2

Silver, monthly'2

Summary

With $1130 being taken out, Gold is back on the slide... following Copper and Silver lower.

With the USD set to break back the DXY 100 threshold, the metals are going to remain under pressure for at least another few months.
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Holding to original targets of Gold $1000, with Silver 12/10.

A fifth week lower

The precious metals continue to spiral lower. Gold and Silver saw net weekly declines of -3.0% and -1.5% respectively. Near/mid term outlook is bearish, at least into early October. Gold looks set for the giant $1000 threshold, along with Silver 12/10.


GLD, weekly

SLV, weekly

Summary

As expected, with Copper and Silver recently breaking the Nov' 2014 low, Gold was set to follow, and indeed has.

Last Sunday, with a decisive loss of $1130, Gold flashed lower by a rather severe $50 lower, and the weekly close offers no hope for the Gold bugs.

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Naturally, with the precious metals continuing to slide, the related mining stocks are in collapse mode. Gold falling to $1K, will likely equate to another 15/20% off most mining stock prices. Worse case appears to be Gold $900/875, which would probably cut another 35/40% off the miners.

Gold proceeding as expected

The broader downward trend from the commodity peak of spring 2011 continues, with Gold having followed Silver and Copper with a break of the key low from Nov' 2014. Gold and Silver closed lower by -2.9% and -1.7% respectively. Near term outlook offers threat of a very brief bounce, but regardless.. Gold is headed to the giant $1000 threshold.


Gold, monthly2

Silver, monthly2

Summary

*the above wave counts are currently 'best guess', and have largely been unchanged since 2012. In theory, a key multi-year low this autumn remains very possible.
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Suffice to add, regardless of any minor bounces - as there will no doubt be, the broader trend remains starkly bearish.

Targets:  Gold, $1000/900,  with Silver 12/10.

If correct, most mining stocks have another 25% or so to fall.. before a core floor can begin to solidify.

A fourth week lower

The precious metals are increasingly weak, with Gold and Silver seeing net weekly declines of -2.5% and -4.4% respectively. Near term outlook is bearish, with the broader trend remaining unquestionably bearish. Gold is following Copper and Silver - and the related mining stocks, breaking under the Nov' 2014 low of $1130.


GLD, weekly

SLV, weekly

Summary

Little to add.

The precious metals look set to remain weak, with Gold to proceed to the giant $1000 threshold, along with Silver 12/10.

Just another week of declines

Precious metals were lower for the third consecutive week, with Gold and Silver both seeing net weekly declines of around -0.3%. Silver has notably broken below the Nov'2014 low, Gold looks set to follow.


GLD, weekly

SLV, weekly

Summary

Little to add.

Despite weakness in the USD, the precious metals are still unable to rally. The broader downward trend from 2011 continues.

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Holding to original targets of Gold $1000, with Silver $12/10.

A second week of declines

It was another bad week for the precious metals, with Gold and Silver both seeing net weekly declines of -0.7%. The broader outlook remains bearish, with the Nov'2014 lows on track to be broken. With the USD set for a hyper-ramp to the DXY 120s into 2016, the metals look increasingly vulnerable.


GLD, weekly

SLV, weekly

Summary

Suffice to say.. .a second week lower... the Nov'2014 lows are within striking distance.. and once broken.. it is open air to the Gold $1000 threhold.. along with Silver 12/10.

Indirect support for the bearish outlook.. weak Oil (key break <$57).. and Copper prices this past week.