Fiercely bearish outlook for the metals

The down trend from the January high continues... and is accelerating. Gold and Silver saw net weekly declines of a very significant -3.6% and -4.3% respectively. Near/mid term outlook is exceptionally bearish, and Gold could be close to the giant $1000 threshold within the next month or two.


GLD, weekly'3 - 'best guess' outlook.

SLV, weekly

Summary

Suffice to say.. this net weekly decline was very much expected.. and indeed.. if this is some kind of sub'3 wave.. then it should take Gold close to the $1000 threshold.

There seems ZERO probability that Gold/Silver will be breaking the Jan' high until very late this year... if not spring 2016.
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*as ever... if the metals continue to slide.. it will take the mining stocks with them. The miner ETF of GDX could easily slip to $12/10 zone if Gold manages to go sub $1000 by late summer.