A relatively flat week for the Precious Metals

With the main equity markets rising, the metals largely closed the week unchanged. This was actually very impressive considering the mighty US Dollar was up around 1.6% on the week.


GLD, weekly, 2yr

SLV, weekly, 2yr

Summary

Silver remains weaker than Gold, and even if it bounces here its unlikely to break much above 29/30, perhaps 31/32 briefly - and that's 'best case'. The weekly chart continues to suggest much lower levels this summer - in the 22/20 range, possibly $18 - if the deflationary doomers are right.

Gold has been battling to re-take $1600, but its weak..and despite the Gold-Bug maniacs incessant claims that Gold is invulnerable to deflation, Gold remains in a decline - primary target remains somewhere in the $1400/1200 range.