The last day of the trading year was somewhat appropriate for the precious metals, with Gold and Silver settling lower by -1.4% and -3.3% respectively. Across the year, Gold -$21.60 (-1.8%), whilst Silver faired far worse, -$3.83 (-19.7%). Outlook into mid 2015 remains bearish, with Gold $1000/900... and Silver 12/10.
Gold, monthly2, fib levels
Silver, monthly2, fib levels
*the following remains the 'best guess' wave count for this multi-year retrace, after having rallied a full decade.
Suffice to say... for the gold bugs, it was another year of disappointment.
To me.. the continued weakness was most certainly not surprising, and I hold to the original targets from spring 2012.. when the key break of trend occurred.
*I will be looking to go heavy long the metals (ETFs and physical), AND miners in summer 2015. For now, I remain more than content to sit on the sidelines.. and wait for another sig' wave lower, which should at least take Gold to $1000.. if not briefly 900/875.
On any basis, going long metals/miners, when Gold is around $1000/900, seems like a superb level to get involved for the long term.
Update from silverfuturist