After two consecutive net weekly declines, with the fed out of the way, the precious metals have turned back upward. Gold and Silver saw net weekly gains of 2.0% and 1.9% respectively. Near/mid term outlook is bullish, and the grander issue remains whether the summer 2016 highs can be exceeded.
As was the case for the mining stocks, it had seemed that once the FOMC had made their announcement, the metals would rebound... and they sure did.
Seen on the bigger weekly cycles, we've seen a two week cooling, and now the first push back upward. The recent highs are easily with range. The grander issue is whether Gold and Silver can break decisively above their summer 2016 highs.
I am seeking a big push upward, with Gold $1400 and Silver $22s (along with Copper >$3), which would give high confidence that the inflationary scenario will play out.
For those of you will an interest in the precious metals, and more so, the related mining stocks...