Precious metals resume upward

The precious metals of Gold and Silver saw net October gains of $41.90 (2.8%) to $1540.80, and $1.07 (6.3%) to $18.07 respectively. The m/t trend remains bullish, as Gold $1600s and Silver $20/21s are still within range before year end.


Gold, monthly1b

Silver, monthly1b

Summary

Gold: A very significant net monthly gain, with multi-month price structure of a bull flag. New multi-year highs (>1566) aren't a stretch before year end. A cooler USD would certainly help. The fact QE4 has begun will also help. New historic highs are very much on the menu in 2020.

Silver: A powerful net monthly gain, with multi-month price structure of a bull flag. Big target is key price threshold of $21s, with the 2016 high of $21.23. Eventual price action >22s will have far grander implications.

... and if Gold and Silver continue to broadly climb into/across 2020, the implications for the related mining stocks should be obvious.
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Gold : Silver ratio

The Gold:Silver ratio stands at 83.84. Broader cooling to the 67/66s is arguably a pretty conservative target for 2020.