Gold broadly strong

The precious metals of Gold and Silver saw net April gains of +$97.60 (6.1%) to $1694.20, and +$0.82 (5.8%) to $14.97 respectively. S/t vulnerable, but the m/t trend remains bullish, with gold having printed an eight year high of $1788.80.


Gold, monthly1b

Silver, monthly1b

Summary

Gold: the 4th monthly gain of five, printing a high of $1788.80, the highest since Oct'2021. The April candle is rather spiky, and threatens s/t bullish exhaustion. The broadly strong USD remains a restraint on Gold. M/t bullish, as new historic highs appear probable later this year.

Silver: A net monthly gain, but broader price action remains a mess. The April candle is spiky, and leans s/t bearish.

Ongoing price action is a reminder that Gold remains superior to Silver, not least in terms of holding a 'fear bid'. Further capital market unrest could be expected to see that split widen.

A wild month for Gold

The precious metals of Gold and Silver saw net March changes of +$29.90 (1.9%) to $1596.60, and -$2.30 (14.0%) to $14.16 respectively. S/t choppy, but the m/t trend remains bullish, with gold having printed an eight year high of $1704.30.


Gold, monthly1b

Silver, monthly1b

Summary

Gold: A low of $1450.90, a high of $1704.30, and settling in the $1596s. The March candle is dual spiky, and is indicative of capital market instability. There was an element of institutions selling gold to raise much needed cash. The fact gold broke a new EIGHT year high, is a reminder of the m/t bullish trend.

Silver: a second consecutive net monthly decline for 'poor man's gold', printing $11.64, the lowest since Jan'2009. Monthly momentum settled fractionally negative, and leans s/t bearish for early April.

March was a reminder that when things turn crazy, Gold captures a stronger 'fear bid' than Silver. Indeed, Silver further struggled as its a more industrial metal, falling broadly with Copper.
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The Gold Silver ratio broke a new historic high, settling March at 112.79. Again, its indicative that Gold is often the better trade than Silver. I do expect the ratio to narrow, but for now, there is ZERO sign of it.

Very mixed month

The precious metals of Gold and Silver saw net February declines of -$21.20 (1.3%) to $1566.70, and -$1.55 (8.6%) to $16.46 respectively. S/t bearish, but the m/t trend remains bullish, with gold having printed a seven year high of the $1691.70.


Gold, monthly1b

Silver, monthly1b

Summary

Gold: printing a high of the $1691s - the highest since Jan'2013, but settling the month badly. The February candle is spiky, and leans s/t bearish for early March. Still m/t bullish though. Any dollar cooling would help re-accelerate gold back upward. The $1700s are realistic within late March/April.

Silver: printing a high of $18.92, but settling the month badly. The February candle is of the bearish engulfing type, and leans at least s/t bearish. Silver is not surprisingly struggling, as its a more industrial metal, and subject to global growth concerns. Still m/t bullish, with big target of the 2016 high of $21.23. Much like gold, a cooler dollar would help.