A pretty rough week for the precious metals, as the Fed tapered QE, with interest in the metals continuing to soften. Gold and Silver saw net weekly declines of -2.9% and -1.7% respectively. So far the June lows are just holding, but..look set to be broken in early 2014.
GLD, weekly
SLV, weekly
Summary
The broader down trend from the 2011 peak...continues.
There is simply no justification for anyone yet getting bullish on the metals..or indeed the mining sector stocks.
Mid-term targets remain: GLD 105/95, with SLV 12/10
