A lousy month for the metals

Whilst US equities rallied for another month, commodities remained weak, and this was especially the case for the precious metals. Gold and Silver saw net monthly declines of a very significant -5.5% and -8.75% respectively. The outlook for the remainder of the year is still bearish.


GLD, monthly

SLV, monthly

Summary

Regardless of whether you agree with the wave count on the above charts, the primary trend remains starkly to the downside.

Considering the November close, December will very likely see further falls.

Near-term downside remains..

SLV 17, which might equate to GLD 110 - that is another $100 lower for spot Gold prices.
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Mid-term targets: SLV 12/10..with GLD 105/95..sometime in 2014/early 2015

Underlying weakness

The bigger weekly and monthly bearish trends continue to assert themselves, with the precious metals still generally weak. Gold and Silver closed the pre-holiday session -0.3% and -0.9% respectively. Near term outlook is very bearish, with significant downside (5/10%) to come.


GLD, daily

SLV, daily3, H/S

Summary

Another weak day..and the down trend continues.

Near term target remains SLV 17...perhaps even 15..if there is mild panic into end year.
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*I am short SLV, seeking my next exit in the 18.60/50s.

Minor chop to start the week

The metals were very weak in overnight Sunday action, opened lower..but there really wasn't any power on the downside. Gold and Silver battled back across the day, settling +0.5% and 0.9% respectively. The broader trend remains to the downside though.


GLD, daily

SLV, daily3

Summary

With both Gold and Silver having taken out the rising neckline - as part of a H/S formation, today's minor gain has to be seen as just that...minor noise.
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The bigger mid-term trend remains very weak.

*the fact that the Gold miners - see ETF of GDX, broke the June lows today, was arguably another bearish aspect to the broader outlook for metals.