Friday 6 June 2014

Weekly gains for the metals

With US capital markets in a rather positive mood across the week, Gold and Silver managed net weekly gains of 0.2% and 1.1% respectively. The broader outlook remains bearish though, with the 2013 lows set to be some point.

GLD, weekly

SLV, weekly


Suffice to say, a week of gains for the precious metals, but the broader trend remains weak. Both metals remain pretty close to breaking under the 2013 lows.

Whether the break is this month, July..or even not until next year, I have zero interest in being LONG the metals - or mining stocks, until Gold tests the low $1000s..or even 900s.