A sixth week of gains

Whilst the broader capital markets gained in confidence, the precious metals continued to build gains. Gold and Silver climbed for a sixth week, with net weekly gains of 1.6% and 2.5% respectively. Near term outlook threatens some cooling, as equities look set to break up and away.


GLD, weekly

SLV, weekly

Summary

Little to add.

Yet another week of gains for gold and silver. This was despite growing confidence in the market that 'everything will be fine into early 2017.. as rates will not likely be raised until at least the Dec' FOMC'.

A very bullish June

With capital markets increasingly upset - especially as a result of BREXIT, Gold and Silver rebounded from May weakness, to settle June, higher by $103.10 (8.5%) to $1320.60 and $2.62 (16.4%) to $18.62 respectively. Mid term outlook remains bullish, as Gold looks set for the $1500s... just to begin with.


Gold, monthly

Silver, monthly

Summary

Suffice to add... new multi-year highs for Gold and Silver.

The downward trend from 2011 has clearly concluded. Yes, there will be periodic pull backs, but it would seem we won't be trading <$1K.

That view would only be reassessed with a monthly close <$1200, and frankly.. that looks very unlikely this summer, as the BREXIT result will ricochet across the EU for a very long time.
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*by default... higher precious metal prices will be bullish for the related mining stocks, regardless of whether the main market is on the rise... or imploding.

Whipsawing higher on the BREXIT

The precious metals were broadly weak for the first days of the week. Yet.. the BREXIT resulted in Gold and Silver exploding to the upside, seeing net weekly gains of 1.6% and 1.7% respectively. Near term outlook threatens the $1350/1400 zone, with the $1500s viable in July.


GLD, weekly

SLV, weekly

Summary

*for the record, I am chasing Gold higher from the GLD 125s.. as the 130s seem an easy short term target - as it was trading overnight Friday.
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Broadly... there little to add from recent posts.

The precious metals are trading inverse equities... and with a massive BREXIT reversal... the metals look decisively set for much higher levels.

If correct, the related mining stocks will similarly continue to broadly climb across the summer.