Another rough year for the metals

The last day of the trading year was somewhat appropriate for the precious metals, with Gold and Silver settling lower by -1.4% and -3.3% respectively. Across the year, Gold -$21.60 (-1.8%), whilst Silver faired far worse, -$3.83 (-19.7%). Outlook into mid 2015 remains bearish, with Gold $1000/900... and Silver 12/10.


Gold, monthly2, fib levels

Silver, monthly2, fib levels

Summary

*the following remains the 'best guess' wave count for this multi-year retrace, after having rallied a full decade.

GLD, monthly'2

SLV, monthly'2

Summary

Suffice to say... for the gold bugs, it was another year of disappointment.

To me.. the continued weakness was most certainly not surprising, and I hold to the original targets from spring 2012.. when the key break of trend occurred.

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*I will be looking to go heavy long the metals (ETFs and physical), AND miners in summer 2015. For now, I remain more than content to sit on the sidelines.. and wait for another sig' wave lower, which should at least take Gold to $1000.. if not briefly 900/875.

On any basis, going long metals/miners, when Gold is around $1000/900, seems like a superb level to get involved for the long term.
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Update from silverfuturist

One day down.... one day up

The precious metals continue to see some rather significant day to day swings. After the sig' Monday declines, Gold and Silver saw net Tuesday gains of 1.3% and 3.2% respectively. Near term outlook remains 'choppy'... but within a much broader down trend.


GLD, daily

SLV, daily

Summary

Suffice to say... it remains a real choppy mess... but both metals remain close to breaking new multi-year lows.

Another bad Monday for metals

The metals have begun another week with rather significant Monday declines. Gold and Silver settled -1.0% and -1.6% respectively. Near term outlook is for continued weakness, within a much broader down trend. Gold still looks set to test the giant $1000 threshold in 2015.


GLD, daily

SLV, daily

Summary

Little to add.

The recent multi-week bear flags have been provisionally confirmed.. but the metals are yet to break new cycle lows.

Regardless of any further short term chop... the broader trend remains bearish into mid 2015.