A lousy month for the metals

Whilst US equities rallied for another month, commodities remained weak, and this was especially the case for the precious metals. Gold and Silver saw net monthly declines of a very significant -5.5% and -8.75% respectively. The outlook for the remainder of the year is still bearish.


GLD, monthly

SLV, monthly

Summary

Regardless of whether you agree with the wave count on the above charts, the primary trend remains starkly to the downside.

Considering the November close, December will very likely see further falls.

Near-term downside remains..

SLV 17, which might equate to GLD 110 - that is another $100 lower for spot Gold prices.
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Mid-term targets: SLV 12/10..with GLD 105/95..sometime in 2014/early 2015