A mixed week for the metals

It was a mixed week for the precious metals of Gold and Silver, with net weekly changes of +$12.60 (0.9%) to $1334.90, and -$0.14 (0.8%) to $17.14 respectively. Near term outlook is bullish. The m/t outlook would turn decisively bullish if Gold >$1400 and Silver >$22s.


Gold weekly

Silver weekly

Summary

Despite a net weekly decline in Silver, it did close well above the Thursday low of $16.88.

The precious metals are clearly being helped via the broadly weak USD, which settled around the DXY 90.60s.

Copper and oil are both strongly supportive of the m/t bullish commodity outlook. Gold and Silver should eventually 'join the party' this spring or summer.
--

Copper, gold, silver, monthly, 10yr

The trio do broadly trade together on a multi-year basis. Recent broad strength in copper is highly suggestive that gold/silver will eventually catch up.