Mixed month

The precious metals of Gold and Silver saw net July changes of +$45.60 (2.6%) to $1817.20, and -$0.65 (2.5%) to $25.55 respectively. Gold remains m/t bearish, whilst silver is borderline.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: Gold printed $1837.50, but cooled into end month, settling in the $1817s. Price momentum ticked lower, and is negative for a sixth month. For now, there is no clear sign we have a mid term floor from the $1673s. I would note the monthly 10MA at $1811.24. For bullish confidence, we need to see a monthly settlement >$1850.

Silver: A second consecutive net monthly decline. Momentum ticked lower for a second month, and is fractionally positive. I would note the monthly 10MA at $25.62, which silver settled just below. The situation is 'borderline'. Things turn decisive with a break AND hold above psy' $30.00.
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The Gold/Silver ratio stands at 71.13. Cyclically low, and it could be argued that gold will outperform silver... at least in the short term. My mid/long term view remains unchanged, with natural target of the 32s. Again, that doesn't mean gold will be net lower, just that silver could be expected to outperform gold.

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Gold/Silver catch a bounce

The precious metals of Gold and Silver saw net April gains of +$52.10 (3.0%) to $1767.70, and +$1.34 (5.5%) to $25.87 respectively. Gold remains m/t bearish, whilst silver is borderline.

 
Gold, monthly1b 

Silver, monthly1b

 

Summary

Gold: Gold printed $1798.40, but cooled into end month, settling in the $1767s. Price momentum continued to tick lower, and is negative for a third month. For now, there is no clear sign we have a mid term floor from the $1673s. I would note the monthly 10MA at $1847.83.

Silver: A significant net monthly gain of +5.5%. Monthly momentum ticked lower for a third month, but remains moderately positive. I would note the monthly 10MA at $25.27, which silver did manage to settle above. The situation is somewhat 'borderline'. Things turn interesting with a break AND hold above psy' $30.00.

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The trio of copper, gold, and silver 'broadly' trade together across the years. Copper remains indirectly supportive to the notion that Silver will eventually catch up, and reach next major resistance of the 35/37 zone.

Gold/Silver still broadly falling

The precious metals of Gold and Silver saw net March declines of -$13.20 (0.8%) to $1715.60, and -$1.91 (7.2%) to $24.53 respectively. Gold remains m/t bearish, whilst silver is borderline.

 
Gold, monthly1b 

 

Silver, monthly1b

 

 

Summary

Gold: Gold printed $1673.30, the lowest since June 2020. Price momentum ticked lower, and is negative for a second month. There is simply zero sign of a short or mid term floor. I would note the monthly 10MA at $1851.11.

Silver: A second consecutive net monthly decline, printing a low of $23.74. Monthly momentum ticked lower, but remains moderately positive. With the monthly 10MA at $24.55, silver settled 2cents below this rather key MA. The situation is 'borderline'. Copper remains indirectly supportive to the notion that Silver will eventually push to next major resistance of the 35/37 zone.
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Perhaps the most incredible thing is...

 

 

The Gold:Bitcoin ratio stands at 34.34. Its truly bizarre that a cryptographic string is now worth   34oz of gold. We are indeed so very deep in... the twilight zone.