Weekly gains for the metals

The precious metals climbed again this week. Although not particularly significant gains, the most important aspect is that the recent breakout on Gold has indeed held. Gold and Silver closed with net weekly gains of 0.4% and 1.6% respectively.


GLD, weekly

SLV, weekly

Summary

There really isn't much to add.

The one noticeable aspect this past week was that the traditional Silver/Gold ratio appears to have returned. Typically, Silver will move 1.5/2.0x the change in Gold.
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Despite the recent gains, the bigger trend is still to the downside, as better seen on the monthly charts (not shown).

A larger multi-year floor is expected no later than Q3 of 2015.