Another week and month of gains

It was another bullish month for the precious metals, with Gold and Silver seeing net monthly gains of $56.00 (4.5%) @ $1290.50, and $2.37 (15.3%) @ $17.82. Across the week, Gold and Silver both saw net weekly gains of 4.6%. Mid term outlook is powerfully bullish.


Gold, monthly

Silver, monthly

Summary

Suffice to add, a strong week.. and a strong month for the precious metals.

No doubt, the weaker USD was a bullish variable. Further, there is arguably increasing underlying capital market unrest, and that is adding a fear-bid, especially to Gold.

The multi-year downward trend from 2011 has clearly ended.

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Implications for the related miners

Without question, if the precious metals continue to climb into the summer, the related mining stocks will follow... as has been the case since January, with the ETF of GDX doubling from the $12s to the $25s.

If Gold makes it to the $1400s - which frankly, looks highly probable, then GDX will be trading somewhere in the $35/40 zone.