Mediocre performance

Relative to the capital market upset this week, the precious metals really struggled. Gold is usually prime to catch a 'fear bid' on any market upset, but only brief significant this week. Gold and Silver saw net weekly gains of 0.9% and 1.1% respectively. The broader trend remains outright bearish.


GLD, weekly

SLV, weekly

Summary

Suffice to add... an bsolutely mediocre performance for Gold and Silver.

Despite the Dow being -500pts on Wednesday, Gold caught a fear bid of around $15, but naturally, as equities rebounded into the weekend, that gain largely melted away.

Price structure on the bigger weekly charts is yet another bear flag. That may take some weeks to complete, before further weakness in the spring/summer.
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*if correct, the related mining stocks will remain under pressure, regardless of any up waves in the broader equity market.

Precious metals remain relatively weak

Considering the continuing upset in global equity/capital markets, the precious metals were relatively weak, with net weekly declines of -1.5% and -0.4% respectively. The metals are catching a fear-bid, but the gains are minor, and will not endure.


GLD, weekly

SLV, weekly

Summary

Considering the ongoing equity declines, the precious metals sure are struggling.

The underlying issue remains one of continuing global commodity carnage, and gold/silver are absolutely also in a state of over-supply.

Broader outlook remains unchanged.. seeking Gold $1000, and eventually, the 900/875 zone.
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*if correct, the related mining stocks will continue to decline, regardless of any short or long term equity rebound.

Net weekly gains

With US equities severely lower, the precious metals caught a fear-bid this week. Gold and Silver saw net weekly gains of 4.1% and 0.8% respectively. Near term outlook remains moderately bullish, but broadly, Gold still looks set for the $1000 threshold.


GLD, weekly

SLV, weekly

Summary

Suffice to add, despite some gains, the broader outlook remains bearish.

USD remains king of FIAT land, and commodities remain under strong deflationary pressures, as the world economy is facing a multitude of increasingly serious problems.