Weekly declines for Gold and Silver

Whilst the main US capital markets saw moderate chop, there was some renewed weakness in the precious metals. Gold and Silver saw net weekly declines of -0.7% and -1.5% respectively. Near term outlook remains broadly weak.


GLD, weekly

SLV, weekly

Summary

Suffice to say...the metals remain broadly weak. This is especially the case for Silver, which is very close to taking out the 2013 lows.

I am holding to the broader downside target of Gold $1000/900s..before a multi-year floor is in..and that might take another year to be hit.