Friday 28 June 2013

Another terrible month for the precious metals

It was another fiercely bearish month for Gold and Silver, with monthly declines of 11.0% and 11.6% respectively. Monthly trends remain dire, and even if we have hit a short term low, much deeper lows seem likely later this year, and into 2014.


GLD, monthly



SLV, monthly



Summary

To see Gold -$148 on the month is again an incredible sight, and the same goes for the Silver decline of -$2.48

This was effectively the ninth month of a downside cycle that has seen extreme declines very few were expecting, not least those in the infamous 'gold bug community'.

Near term daily trend is suggestive of a small bounce, but both weekly/monthly trends remain very bearish.

Longer term 'floor' targets are GLD 90, and SLV 12/10