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.