Friday 13 October 2017

Significant weekly gains

It was a bullish week for the precious metals of Gold and Silver, with net weekly gains of $29.70 (2.3%) to $1304.60, and $0.62 (3.7%) to $17.41 respectively. Near term outlook offers further upside, not least if the USD resumes lower, or on geo-political upset.


Gold weekly



Silver weekly



Summary

Suffice to add... the metals are leaning upward, with gold notably stronger than silver.

Copper remains a powerfully bullish indirect signal. If copper can keep clawing upward, its near impossible not to see Gold, Silver, and the related miners eventually follow.

Key thresholds: Gold $1400s, Silver $22s, Copper $3.00 (achieved).

If gold and silver can meet those thresholds, it will have very bullish mid/long term implications for the related mining stocks.