Monday 31 December 2012

Metals close the year on a positive note

Gold and Silver both closed almost 1% higher, although this was somewhat lagging the increases seen in the main equity indexes.

GLD, daily

SLV, daily


So, 1% gains to close the year, and its been a real mixture of a year for the precious metals - although I'll post more on the bigger picture monthly charts in the next few days.

Underlying momentum is starting to tick back to the upside on both the daily and weekly charts.

The 2-4 month outlook still looks somewhat bearish, and a break of the summer 2012 lows still seems possible before the next major up cycle.