Monday 22 December 2014

2pm update - metals on the slide

Whilst the main market is holding gains - especially in the Dow, there is notable weakness in the precious metals. Gold is lower by a rather significant -$20, with Silver -2.6%. This naturally impacting the miners, the ETF of GDX -4.7%. Outlook is bearish into year end.. and beyond.


GLD, daily


GDX, daily


Summary

Interesting day in commodity land, with sig' declines in not only energy.. but now also the metals.
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Other than that... its merely a day of consolidation after last weeks hyper-ramp from sp'1972/2077.