Six weeks of declines

It was yet another week lower for the precious metals, with Gold and Silver seeing net weekly declines of -1.7% and -0.3% respectively. Gold broke a new multi-year low of $1051, whilst Silver is now trading around $14.00. Near/mid term outlook remains bearish.


GLD, weekly

SLV, weekly

Summary

Suffice to note.. as expected, the precious metals continue to decline.

With the USD back around the DXY 100 threshold, there is a great deal of underlying downward pressure on the metals.

If the US Federal Reserve finally do raise int' rates at the Dec'16th FOMC, the metals will likely see rather fierce declines into year end.. and early 2016.
--

If correct... the related mining stocks will be dragged to new multi-year lows... regardless of however strong the main market might be.