Wednesday 31 December 2014

Another rough year for the metals

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.

GLD, monthly'2

SLV, monthly'2


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