Moderate weekly declines

Whilst the US capital markets continued to feel calmer, the precious metals mostly saw minor chop.. with a touch of downside. Gold and Silver saw net weekly declines of -0.5% and -0.6% respectively. November offers a severe wave lower.


GLD, weekly

SLV, weekly

Summary

Suffice to say, a minor week of chop for the metals.

Silver is leading the way lower, having already broken the 2013 lows. Gold looks set to follow.
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Price structure is similar to spring 2013, and there is a viable further severe wave lower in the near term.

I've little doubt Mr Market wants to bring Gold down to test the giant $1000 threshold. A few out there are seeking 900/875, where the 61% fib retrace is.