Mixed month for the precious metals

It was a very mixed month for the precious metals. Whilst Gold initially caught something of a 'flight to safety' bid, Silver remained generally weak. Gold and Silver saw net monthly changes of +0.6% and -3.0% respectively. Outlook for May, and the early summer, is bearish.


GLD, monthly

SLV, monthly

Summary

*I would not get overly fixated on the counts as labelled on the above two charts. What matters is that the primary down trend is holding.
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Suffice to say, the precious metals remain in broader down trends.

I still hold to a mid-term downside multi-year floor for Gold in the $1050/950 zone, which will probably equate to Silver in the low teens, if not even the 12/10 zone.
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