A fifth week lower

The precious metals continue to spiral lower. Gold and Silver saw net weekly declines of -3.0% and -1.5% respectively. Near/mid term outlook is bearish, at least into early October. Gold looks set for the giant $1000 threshold, along with Silver 12/10.


GLD, weekly

SLV, weekly

Summary

As expected, with Copper and Silver recently breaking the Nov' 2014 low, Gold was set to follow, and indeed has.

Last Sunday, with a decisive loss of $1130, Gold flashed lower by a rather severe $50 lower, and the weekly close offers no hope for the Gold bugs.

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Naturally, with the precious metals continuing to slide, the related mining stocks are in collapse mode. Gold falling to $1K, will likely equate to another 15/20% off most mining stock prices. Worse case appears to be Gold $900/875, which would probably cut another 35/40% off the miners.