Gold, monthly2
Silver, monthly2
Summary
A very bearish month indeed...
key issues...
-Higher USD (capital inflows, amid higher rate expectations)... naturally pressuring gold/silver
-Increased market confidence, as the uncertainty of the election has passed, resulting in Gold/Silver losing more of their inherent fear bid.
-Underlying econ-data points in November has been (arguably) rather good.
Near term outlook offers further significant weakness in December. The bigger issue is whether the Dec'2015 lows will be taken out. Its a very difficult issue to guess, but what can be said is that there is ZERO sign of a floor/turn, from the down wave that began in July.
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Implications for the miners
As ever, weakening metals have very bearish implications for the related mining stocks, even as the broader equity market is powering to new historic highs.
