Gold and Silver - 2017

Gold and Silver ended the year on a positive note, settling net higher for the week by 2.4% and 4.3% respectively. For December, Gold and Silver saw net gains of 2.5% and 4.1% respectively. For 2017, Gold and Silver saw significant net gains of 13.7% and 7.2% respectively.


Gold weekly

Gold monthly1b

Silver weekly

Silver monthly1b

Summary

The precious metals certainly ended the year on a very positive note, with a third consecutive week of gains. This made for a sig' net monthly gain. More broadly, after gains into the spring, it was mostly a year of chop.

On a grand perspective, it should be clear that things would turn decisively bullish if Gold >$1400s, and Silver >$22s. 

I am heavily leaning to the notion that 'Mr inflation is out there'. We are seeing indirect support for that view via copper and oil.

Eyes on the CRB...

Any price action >197 would be highly suggestive gold/silver will follow upward in 2018.

A second weekly gain

The precious metals of Gold and Silver climbed for a second week, with net weekly gains of $21.30 (1.7%) to $1278.80, and $0.38 (2.4%) to $16.44 respectively. Near term outlook is leaning bullish into year end.


Gold weekly

Silver weekly

Summary

So, a second consecutive net weekly gain, but broadly, its been a year of chop for Gold and Silver. For bullish clarity, the gold bugs need to see Gold >$1400 and Silver >$22.00.

Again, I would keep in mind copper, which saw a net weekly gain of 3.3%. Further, across the years, gold, silver, and copper do broadly trade together...

I am seeking Copper $4s for 2018. By definition, that does sway me to eventually seeing Gold and Silver follow.

Lower highs and lower lows

The precious metals of Gold and Silver caught a bounce, with net weekly gains of $9.10 (0.7%) to $1257.50, and $0.24 (1.5%) to $16.06 respectively. With a recent series of lower highs and lower lows, near term outlook offers little more than chop into year end.


Gold weekly

Silver weekly

Summary

So, a net weekly gain for Gold and Silver, but seen in perspective, the metals have been broadly struggling since September.. which was a failure to clear major resistance.

With just 9 trading days left of the year, there is little reason to expect much change. Gold is set for a sig' net yearly gain, but its possible Silver might settle net lower.

M/t outlook is 'mixed'. The one indirect bullish signal is copper, which after a brief break lower, looks set for another monthly close above the key $3.00 threshold.

Copper, gold, silver, monthly, 10yr

What should be clear, across the years, the trio do broadly trade together.

A third week lower

It was a third week lower for the precious metals of Gold and Silver, with net weekly declines of -$33.90 (2.6%) to $1248.40, and -$0.57 (3.4%) to $15.82 respectively. Near term outlook offers further weakness, not least if the USD continues to climb across the latter half of December.


Gold weekly

Silver weekly

Summary

A third week lower, as the s/t bearish trend from mid November continues. Silver is leading the way lower, and technically.. its becoming outright ugly.

Gold has broken the upward trend from Dec'2016. The last remaining support is rising trend from the multi-year low of Dec'2015.

Lets be clear... Silver broke this summer, has has failed to recover. Gold is following. If Gold sees a monthly close <$1200, whether Dec'2017 (unlikely), or a more viable January, it would bode EXTREMELY bearish, and offer a new multi-month down wave. 

Under $1200, its mostly empty air to the Dec'2015 low of $1045.40.

If we do see a break, horrific implications for the related mining stocks, whether large, mid, or small cap'.

Weak metals

It was a week of weakness for the precious metals of Gold and Silver, with net weekly declines of -$5.00 (0.4%) to $1282.30, and -$0.60 (3.5%) to $16.39 respectively. Near term outlook offers further weakness, not least if the USD has even a moderate bounce across December.


Gold weekly

Silver weekly

Summary

Suffice to add... gold is still broadly choppy. Silver has seen a rather decisive bearish break lower. That sure doesn't bode well for Gold in the immediate term. Further, copper saw a net weekly decline of -2.4%.

S/t bearish... not least in Silver and Copper.

... implications for the related mining stocks.