Powerfully bullish precious metals

Whilst equities were weak, and bond yields climbed, the precious metals were the market anomaly. Gold and Silver saw net weekly gains of 4.6% and 13.1% respectively. Near term outlook is clearly to the upside, with further gains to GLD 142/47, and SLV 25/26.


GLD, weekly2

SLV, weekly2

Summary

The precious metals were indeed the real stars of the week, and those gains were indeed very significant.

Targets - as based also on daily/monthly charts, look pretty clear...

GLD 142/47
SLV 25/26

Those significantly higher levels will probably be hit no later than the end of September, at which point, I'd expect the metals to get seriously stuck..with spot Gold just under the big psy' level of $1500.
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Mid-term targets remain unchanged, with Gold in the $900s, and Silver in the $12/10 area.