Significant net monthly gains

With significant upset across world capital markets, the precious metals attracted some degree of a 'fear bid'. Gold and Silver saw net monthly gains of $55.90 (5.3%) @ $1116.40, and $0.42 (3.0%) @ $14.24 respectively. Near term outlook offers further upside, but the notion that a multi-year floor is now in, still seems flawed.


Gold, monthly2

Silver, monthly2

Summary

Suffice to add... yes, sig' monthly gains, but broadly.. the downward trend from 2011 is still intact.

There remain severe deflationary pressures for all commodities, not least as the USD is still vulnerable to attaining a monthly close above the DXY 100 threshold this spring.

For now.. the broader trend remains unquestionably bearish.