A second week of cooling

It was a second (and natural) week of cooling for the precious metals, with Gold and Silver seeing net weekly declines of -1.2% and -2.2% respectively. Despite the ongoing weakness, the metals are performing very well, not least as the USD has climbed for 8 of the past 9 trading days.


GLD, weekly

SLV, weekly

Summary

Nothing has changed in the mid term outlook.

Gold still looks set for the $1400/1500s.

If correct, the related mining stocks will climb a further 40/50% (having already doubled since the January low).. with the ETF of GDX seemingly headed for the $35/40 zone.
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