Broader trend remains bearish

Despite some distinct bullish hysteria in the gold bug community as at end January, February was another reminder of the broader trend. Gold and Silver saw net monthly declines of -$70.60 (-5.5%), and -$0.74 (-4.3%) respectively. New multi-year lows look due across the spring and summer.


Gold, monthly, fibs

Silver, monthly, fibs

Summary

So much for the January gains, almost fully negated by the net February declines.

March will offer a real opportunity at new multi-year lows... with Gold set to trade <$1130... opening the door to the giant $1000 threshold this summer.

Holding to all original downside targets... that stretch back over 3 years.
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*as ever.. if the precious metals are weak... it does not bode well for the mining stocks... regardless of any main market strength.