A very bullish June

With capital markets increasingly upset - especially as a result of BREXIT, Gold and Silver rebounded from May weakness, to settle June, higher by $103.10 (8.5%) to $1320.60 and $2.62 (16.4%) to $18.62 respectively. Mid term outlook remains bullish, as Gold looks set for the $1500s... just to begin with.


Gold, monthly

Silver, monthly

Summary

Suffice to add... new multi-year highs for Gold and Silver.

The downward trend from 2011 has clearly concluded. Yes, there will be periodic pull backs, but it would seem we won't be trading <$1K.

That view would only be reassessed with a monthly close <$1200, and frankly.. that looks very unlikely this summer, as the BREXIT result will ricochet across the EU for a very long time.
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*by default... higher precious metal prices will be bullish for the related mining stocks, regardless of whether the main market is on the rise... or imploding.

Whipsawing higher on the BREXIT

The precious metals were broadly weak for the first days of the week. Yet.. the BREXIT resulted in Gold and Silver exploding to the upside, seeing net weekly gains of 1.6% and 1.7% respectively. Near term outlook threatens the $1350/1400 zone, with the $1500s viable in July.


GLD, weekly

SLV, weekly

Summary

*for the record, I am chasing Gold higher from the GLD 125s.. as the 130s seem an easy short term target - as it was trading overnight Friday.
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Broadly... there little to add from recent posts.

The precious metals are trading inverse equities... and with a massive BREXIT reversal... the metals look decisively set for much higher levels.

If correct, the related mining stocks will similarly continue to broadly climb across the summer.

A third week of gains

With US/world capital markets increasingly rattled, the precious metals of Gold and Silver saw net weekly gains of 1.8% and 0.7% respectively. Near/mid term outlook is very bullish, with Gold set for the $1400/1500s this summer/early autumn.


GLD, weekly

SLV, weekly

Summary

Suffice to add... a third week of gains.. with Gold breaking back above the $1300 threshold.

Mid term outlook is very bullish... as the precious metals are broadly trading inverse to equities.

A second week of strong gains

With some increasing concern about the next FOMC and the looming BREXIT vote, the precious metals continued to receive some bullish attention. Gold and Silver saw net weekly gains of 2.4% and 5.6% respectively. Near/mid term outlook is bullish, as Gold/Silver - and the related miners, are broadly trading inverse to equities.


GLD, weekly

SLV, weekly

Summary

Little to add.

We have a pretty secure short term floor for Gold and Silver, with a notably higher low from the Dec'2015 low.

If equities.. and the US/world capital markets see increased upset this summer, Gold/Silver - and the related mining stocks, are set to explode higher.

Things are just starting to get interesting.

The metals find support

After a month of cooling, the precious metals have found (at least for the short term) a floor, with Gold and Silver seeing significant net weekly gains of 2.8% and 1.4% respectively. Now its a case of whether its just a spurious week of gains... or the start of hyper upside across the summer/autumn.


GLD, weekly

SLV, weekly

Summary

Suffice to add... the dramatic Friday decline in the USD (-1.6% in the DXY 93.90s) was a core reason for the big turn around in the metals.

With lousy jobs data, the USD fell on reduced expectations of a June/July rate hike. By default... a weaker USD results in higher Gold/Silver prices.

Broadly, the metals are holding a very notable breakout since the Dec'2015 lows.