Significant weekly declines for Gold and Silver

Whilst the main equity market broke to new highs, the precious metals market saw renewed declines this week, with Gold and Silver seeing net weekly declines of -2.65% and -2.95% respectively. If GLD fails to hold the 121s, then the June lows will likely be challenged before year end.


GLD, weekly

SLV, weekly

Summary

The precious metals continue to have all sorts of problems.

We've had two strong up weeks, but now...a very significant weekly decline, and once again, the metals are in danger of renewing another major push lower..to take out the June lows.

With the USD starting to strengthen, that had only added to the mid-term downside weakness.

Again, it has to be said, the weakness being seen is especially remarkable, considering the Fed are throwing 1 trillion of new money at the US capital markets each year.
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Mid-term downside targets remain unchanged, with GLD in the 105/95s, and SLV 12/10.