A mixed week for the metals

Despite the USD continuing to cool, it was a somewhat mixed week for the precious metals, with Gold and Silver seeing net weekly changes of +0.4% and -2.0% respectively. Near term outlook is uncertain, and will be highly dependent on the USD... which itself will be tied to when the Fed next raise rates.


GLD, weekly

SLV, weekly

Summary

Suffice to add... price action remains pretty choppy.

Gold is still maintaining some degree of fear bid, as many are touting far higher levels before year end. Even the mainstream seem resigned to $1500s 'eventually'.

Silver - being the more industrial metal, is clearly leaning far weaker than Gold.. which is to be expected.

Broadly, the metals are holding strong... and things only get bearish if Gold loses the $1200 threshold, which is over 10% lower.