Metals still broadly weak

The mid term downward trend continued for the precious metals, with Gold and Silver seeing net weekly declines of -0.2% and -2.4% respectively. Gold notably fell for a seventh consecutive week, the worse run since May 2004. For now, there is simply zero sign of a mid term floor.


GLD, weekly

SLV, weekly

Summary

*GLD was first listed in Nov'2004. It has NEVER seen seven consecutive net weekly declines.

Keep in mind, spot gold last saw 7 weeks of declines in May 2004.
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Suffice to add... short/mid term... we're clearly versold... but there is absolutely ZERO sign of a floor/turn.

The core issue remains... will the Dec'2015 lows hold in first half of 2017?

If Gold breaks <$1045, it'd offer a fast run to the $1k threshold, with a broader downside target of 900/875, and that'd likely equate to Silver in the $12/10s.
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As ever, there are major implications for the related mining stocks. For now.. with no sign of a mid term floor in Gold/Silver, the long-miner trade seems pointless.

A sixth week lower for Gold

With US capital markets remaining broadly confident, the precious metals of Gold and Silver continued to broadly cool, with net weekly declines of -2.2% and -4.4% respectively. Near/mid term outlook is bearish, as there is zero sign that a floor is near. The Dec'2015 lows are well within range by spring 2017.


GLD, weekly

SLV, weekly

Summary

Suffice to add, with the USD breaking into the DXY 103s, the precious metals remained under broad downward pressure.

Further, as the US capital markets have successfully coped with a rate hike, Gold/Silver are seeing more of their fear bid diminish.

Without question, there is no sign of a mid term floor, and its now merely a case of whether the Dec'2015 lows are broken next year.
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*as ever, the related mining stocks will be largely dependent on price action in gold/silver. The mining stocks are currently within a mid term downward trend that began in August.

A fifth week lower for Gold

As the US capital markets continue to grow in confidence, the traditional 'safety play' of Gold is seeing reduced interest. Gold and Silver saw net weekly changes of -1.5% and +0.9% respectively. Near/mid term outlook remains outright bearish. The only issue is whether Gold/Silver eventually break the Dec'2015 lows.


GLD, weekly

SLV, weekly

Summary

Suffice to add, this is the worse run in Gold since Nov'2015.. just before Gold floored at $1045.40.

Silver is performing better, and is trading a little closer to Copper, which saw a decisive bullish breakout in November.

The ultimate issue remains... will Gold/Silver break the Dec'2015 lows? For now... its very difficult to say. The one indirect signal that suggest gold/silver will put in a higher low, is copper.