A cooling week for the metals

After a broad climb across the past month, the precious metals saw a week of cooling, with Gold and Silver seeing net declines of -0.4% and -2.1% respectively. Near term outlook remains bullish, with Gold set to break above the $1300 threshold, and Silver into the $18s.


GLD, weekly

SLV, weekly

Summary

Suffice to add... after 4 weeks up (broadly), a week or two lower is entirely natural, and does nothing to dent the massive breakout that was achieved in Jan/Feb'.

Gold looks set for the $1300s in the near term... with the 1400/1500s seemingly equally probable this summer/early autumn.

If correct, it bodes for continued hyper strength in the related mining stocks, which would likely equate to the miner ETF of GDX trading to the $35/40 zone.