Metals still broadly weak

The mid term downward trend continued for the precious metals, with Gold and Silver seeing net weekly declines of -0.2% and -2.4% respectively. Gold notably fell for a seventh consecutive week, the worse run since May 2004. For now, there is simply zero sign of a mid term floor.


GLD, weekly

SLV, weekly

Summary

*GLD was first listed in Nov'2004. It has NEVER seen seven consecutive net weekly declines.

Keep in mind, spot gold last saw 7 weeks of declines in May 2004.
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Suffice to add... short/mid term... we're clearly versold... but there is absolutely ZERO sign of a floor/turn.

The core issue remains... will the Dec'2015 lows hold in first half of 2017?

If Gold breaks <$1045, it'd offer a fast run to the $1k threshold, with a broader downside target of 900/875, and that'd likely equate to Silver in the $12/10s.
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As ever, there are major implications for the related mining stocks. For now.. with no sign of a mid term floor in Gold/Silver, the long-miner trade seems pointless.