Metals remain on a slow slide

Despite the mild hysteria in the capital markets due to European concerns, the precious metals are still failing to catch a bid in terms of 'flight to safety'. It really is a case just like in 2008, where if the main market/asset classes sell off...so will the metals.


GLD, weekly

SLV, weekly

Summary

Silver remains weaker - as usual, and is near the next support level..a break under 26 will open up 22..and even 20. Gold looks set to decisively break 1500, and then a swift move to 1300, perhaps 1200.

So, mid-term targets remain unchanged for Gold/Silver, somewhere in the zone of $1200 and $20 respectively.