Metals significantly lower

Whilst the equity market consolidated the recent gains, the precious metals remain very weak, and closed significantly lower. Gold and Silver saw net daily declines of -2.4% and -3.0% respectively. The June lows look set to be taken out within the next few weeks..or even days.


GLD, daily

SLV, daily3

Summary

The metals remain exceptionally weak, and the June lows - which many of the gold bugs thought were the low... are indeed NOT going to be lows of the current multi-year down wave.

near term targets: GLD 110, SLV 17

mid term targets: GLD 105/95, SLV 12/10....probably in 2014
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Frankly, it still bemuses me how anyone could possibly consider the metals to have floored, whilst the monthly charts are still deeply bearish.