Interesting weekly gains

The precious metals are still battling to hold above the June 2013 lows. Across the week, Gold and Silver saw net weekly gains of 1.8% and 0.8% respectively. Near term outlook is very uncertain, but mid-term downside remains the broader trend.


GLD, weekly

SLV, weekly

Summary

Suffice to say..it remains a marginal situation. There is moderate chance of a multi-month rally into the early summer, but I find it implausible that Gold won't at least briefly test the big $1000 threshold at some point this year..or early 2015.

If Gold does eventually decline to around $1000, this has very bearish implications for the mining stocks.