Precious metals remain weak

It was another pretty poor performance this week for the precious metals. Whilst Gold closed the week broadly flat, Silver saw yet another significant net weekly decline of -1.7%. The broader outlook remains bearish.


GLD, weekly

SLV, weekly

Summary

There is not much to add to posts across the past few weeks.. and indeed months.

The broader trend remains weak. Silver is especially suffering - not least pressured by falling Copper prices. Gold is holding up better to some extent due to its stronger 'fear bid' when the capital markets get moderately upset.

Silver has decisively broken the 2013 lows... Gold looks set to follow.
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*Overall, I am holding to original downside targets... Gold $1000/900s.. with Silver 12/10... probably no later than summer 2015.

If correct, it bodes badly for the mining stocks, most of which would slip another 25/35% or so.