Gold monthly
Silver monthly
Summary
Its still a bit of a mixed picture for the precious metals. The monthly close in Gold above the $1300 threshold is rather bullish, yet that is still well below the summer 2016 highs. Silver is still struggling, and notably saw a flash-print of $14.34 just last month.
For bullish clarity, the infamous 'gold bugs' need Gold >$1400, and Silver >$22.
Supportive of that scenario is ongoing strength within copper.
Copper, monthly...
The August close of $3.10, is the highest monthly close since August 2014.. a full three years ago. Short term, copper is over-stretched. It would be no surprise to see the $3.00 threshold tested a few times across Sept/October.
The grander issue is that Gold, Silver, and Copper do broadly trade together on a multi-year basis, and with copper seeing a very bullish August, it leans to further upside in Gold and Silver into the autumn.
Of course, if the North Korea situation turns 'hot', gold (and to some extent, silver) would gain a powerful 'fear bid'.
