The precious metals of Gold and Silver saw net May gains of +$57.50 (3.4%) to $1751.70, and +$3.53 (23.5%) to $18.50 respectively. The m/t trend in gold remains bullish, with silver playing catch-up to gold.
Gold: the fifth monthly gain of six. Whilst the May candle didn't surpass the April high, the m/t trend is unquestionably bullish. The broadly strong USD remains a restraint on
Gold. M/t bullish, as new historic highs appear probable late summer/autumn.
Silver: A second consecutive net monthly gain, but broader price action remains a mess. Big target remains the 2016 high of $21.23. Any price action >22.00 would be decisive, and offer a grander push to eventually challenge the 2011 historic high of $49.82.
The G/S ratio stands at 94.69, having cooled from the 113s. Silver is playing catch up to gold. In theory, the natural target would be the 67/66s. Its important to note that sure doesn't mean gold will be net lower. Quite the contrary, I am absolutely mid/long term bullish gold, but its likely that in terms of % gains, silver will outperform.