A fourth week higher for Gold

Whilst the equity market saw general chop, the metals showed further moderate strength. Gold and Silver closed with net weekly gains of 0.5% and 0.7% respectively. Despite the gains, the metals remain within broader downward trends - since the key break in April 2013.


GLD, weekly

SLV, weekly

Summary

So...a fourth week higher for Gold. The summer 2013 lows are broadly holding (although GLD very briefly pierced the low in late December).

Clearly, the metals are seeing some moderate buying interest, but still.. the bigger down trends STILL continue.

Even if we see a 3-6 month rally this year, I'm still highly suspicious that the final low in the metals won't be until 2015. Of course, right now..that seems a very long way out.
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mid-term targets remain... Gold 1050/950... Silver 12/10.

If that is the case, it will most certainly keep the mining stocks under severe downward pressure for another 6-18mths.