Tuesday 22 April 2014

Another day, another decline

Whilst the broader US capital markets were in a semi-happy mindset, the precious metals were once again on the slide. Gold and Silver saw net daily changes of -0.4% and +0.2% respectively. Near term outlook remains broadly weak.

GLD, daily

SLV, daily


If GLD loses the 122s, then another $40/50 lower for spot gold.

Despite today's minor net gain, Silver remains especially weak, not least with Copper hovering around the $3 threshold. I'm still inclined to see Copper falling to 2.25/00. If that is the case, it'd put extra downward pressure on Gold and Silver.