Another lousy week for the metals

Once again it was another dire week for the precious metals market. With the FOMC/Bernanke spooking the market that QE infinity will actually end at 'some point', the metals saw further severe falls, with Gold and Silver falling 7.0% and 9.1% respectively.


GLD, weekly'2 rainbow

SLV, weekly'2, rainbow

Summary

The precious metals market continues to suffer from a number of negative influences. The USD is back on an upswing, equities are somewhat weak, but more importantly, T-bond yields are still rising, with the 10yr now breaking >2.50%

Gold and Silver remain on very severe multi-month down trends.

Mid-term targets remain GLD 120, SLV 17.

However, there is a very reasonable opportunity for GLD 90 and SLV 12/10 by early 2015.