Silver breaks the 2013 low

With another QE taper (the seventh), the precious metals failed to hold the early morning gains, and settled somewhat significantly lower. Gold and Silver both saw net daily declines of around -1%. Near term outlook remains very weak.


GLD, daily

SLV, daily

Summary

The daily, weekly, and monthly cycles are ALL bearish.

*SLV fractionally broke the 2013 low of $17.75... by 1 cent  @ $17.74.

So.. Silver has lost the 2013 low.... Gold looks set to follow, whether in the near term.. or a few weeks... it really makes no difference.

Gold looks headed for $1000/900s.. before this down cycle from spring 2011 is complete.