The precious metals remain weak

The precious metals saw further weakness this week, although there were some significant bounces along the way. Gold and Silver saw net weekly declines of -1.9% and -0.1% respectively. Near term outlook is somewhat difficult to discern.


GLD, weekly

SLV, weekly

Summary

So...some moderate weekly declines..with Gold (somewhat unusually) leading the way lower.

There are a lot of good chartists/commentators out there looking for levels equivalent to mine (see below), but they are first seeking one further major multi-week wave higher..to levels of GLD 140/150s

The problem is that the even bigger monthly charts are still extremely bearish, and a further wave higher will be very difficult. What remains an especially weak sign is that despite the Fed continuing QE at $85bn a month, the metals are simply not doing well.
--

Mid-term targets remain unchanged...with further lows expected in 2014/15. A key cyclical low of Gold 1000/900s, with Silver in the low teens, possibly even $10 an oz..before the next grand cycle begins.