A brutal month for the metals

July saw Gold and Silver decisively break the Nov' 2014 lows, with net monthly declines of -$77 (6.6%) @ $1095  (intra low 1072), and - $0.92 (5.9%) @ $14.74. Near/mid term outlook remains very bearish, with Gold set to test the giant $1000 threshold.


Gold, monthly2

Silver, monthly'2

Summary

With $1130 being taken out, Gold is back on the slide... following Copper and Silver lower.

With the USD set to break back the DXY 100 threshold, the metals are going to remain under pressure for at least another few months.
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Holding to original targets of Gold $1000, with Silver 12/10.

A fifth week lower

The precious metals continue to spiral lower. Gold and Silver saw net weekly declines of -3.0% and -1.5% respectively. Near/mid term outlook is bearish, at least into early October. Gold looks set for the giant $1000 threshold, along with Silver 12/10.


GLD, weekly

SLV, weekly

Summary

As expected, with Copper and Silver recently breaking the Nov' 2014 low, Gold was set to follow, and indeed has.

Last Sunday, with a decisive loss of $1130, Gold flashed lower by a rather severe $50 lower, and the weekly close offers no hope for the Gold bugs.

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Naturally, with the precious metals continuing to slide, the related mining stocks are in collapse mode. Gold falling to $1K, will likely equate to another 15/20% off most mining stock prices. Worse case appears to be Gold $900/875, which would probably cut another 35/40% off the miners.

Gold proceeding as expected

The broader downward trend from the commodity peak of spring 2011 continues, with Gold having followed Silver and Copper with a break of the key low from Nov' 2014. Gold and Silver closed lower by -2.9% and -1.7% respectively. Near term outlook offers threat of a very brief bounce, but regardless.. Gold is headed to the giant $1000 threshold.


Gold, monthly2

Silver, monthly2

Summary

*the above wave counts are currently 'best guess', and have largely been unchanged since 2012. In theory, a key multi-year low this autumn remains very possible.
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Suffice to add, regardless of any minor bounces - as there will no doubt be, the broader trend remains starkly bearish.

Targets:  Gold, $1000/900,  with Silver 12/10.

If correct, most mining stocks have another 25% or so to fall.. before a core floor can begin to solidify.