Another terrible month for the precious metals

It was another fiercely bearish month for Gold and Silver, with monthly declines of 11.0% and 11.6% respectively. Monthly trends remain dire, and even if we have hit a short term low, much deeper lows seem likely later this year, and into 2014.


GLD, monthly

SLV, monthly

Summary

To see Gold -$148 on the month is again an incredible sight, and the same goes for the Silver decline of -$2.48

This was effectively the ninth month of a downside cycle that has seen extreme declines very few were expecting, not least those in the infamous 'gold bug community'.

Near term daily trend is suggestive of a small bounce, but both weekly/monthly trends remain very bearish.

Longer term 'floor' targets are GLD 90, and SLV 12/10

More metalic destruction

Yet another day of carnage and price destruction in the precious metals market, with Gold and Silver seeing severe declines of 5.2% and 4.1% respectively. Near term trend looks dire, and mid-term outlook offers further drops to Gold in the $900s, and Silver in the $12/10 area.


GLD, daily

SLV, daily

Summary

The trend continues....targets remain GLD 120,  SLV 17s

1-2 yr targets.. GLD 90s,   SLV, 12/10

Metals remain weak

Whilst the main equity market continues to bounce, the precious metals simply can't manage to hold even minor gains. Gold and Silver both closed lower both by a little over 0.3%. Near term trend looks bearish, and that is only added to by the weekly/monthly cyclical downward trends.


GLD, daily

SLV, daily

Summary

Metals are finding it very hard to rally after last weeks latest smack down.

There is little to be said, other than with the weekly/monthly trends starkly pointing lower, any minor bounces are arguably mere 'shorting opportunities'.

Near term targets remain unchanged @ GLD 120 and SLV 17, but deeply lower levels look viable into 2014.