Mixed week for the metals

The metals ended the week on a very positive note, with Gold and Silver settling higher by 2.1% and 4.5% respectively. Across the week, Gold and Silver settled -0.8% and +0.9% respectively. The mid term outlook is now borderline.. as the USD is starting to threaten renewed cooling to the DXY 90 threshold.


GLD, weekly

SLV, weekly

Summary

Without question, commodities remain exceptionally.. and broadly weak... and that certainly include the precious metals.

With US jobs data coming in much weaker than expected, we saw the USD sliding (at least initially) by almost a full percent to the DXY 95s. There appears threat of DXY 90.. before the next grand push back above the giant 100 threshold.. and onward to the 120s.

So.. short term bullish... but eventually... the metals will again face the old problem of a stronger USD.
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*I remain having ZERO interest in being long the precious metals.. or their related mining stocks, until there is a clear floor in commodities.