Metals rallying back

Gold and Silver rallied this week by 2.3 and 5.7% respectively. These gains are in broad alignment with similar moves in the main equity markets. The near term weekly trend remains to the upside, but the metals remain below the important price peaks of early October.


GLD, weekly

SLV, weekly

Summary

Yes, the metals are rallying..the daily and weekly trends are now clearly to the upside. Yet the monthly trends are still weak. We're still a very long way down from $49 silver, and gold in the $1900s. All those touting 'gold to da moon' are still in the realms of crazy talk' land.

What is clear, a break above the early October highs would be very bullish into 2013.

The Gold bugs sure do need a major Christmas gift from the Santa this December. First of all, lets see if Santa turns up at all!