Precious metals remain relatively weak

Considering the continuing upset in global equity/capital markets, the precious metals were relatively weak, with net weekly declines of -1.5% and -0.4% respectively. The metals are catching a fear-bid, but the gains are minor, and will not endure.


GLD, weekly

SLV, weekly

Summary

Considering the ongoing equity declines, the precious metals sure are struggling.

The underlying issue remains one of continuing global commodity carnage, and gold/silver are absolutely also in a state of over-supply.

Broader outlook remains unchanged.. seeking Gold $1000, and eventually, the 900/875 zone.
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*if correct, the related mining stocks will continue to decline, regardless of any short or long term equity rebound.