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Precious Metals: No Bottom Yet

Published 11/18/2013, 11:25 PM
Updated 07/09/2023, 06:31 AM

Chart 1 and 2: PMs are experiencing their worst annual performance since the 80s

Spot Gold Weekly
Spot Silver Weekly
Gold and Silver are experiencing their worst annualised performance since 1985. Over the last 12 months, Gold is down over 27% while Silver is down over 40%. Year to date 2013 performance is just as bad, with Gold down 24% and Silver down 33%.

Those who have been claiming that Gold and Silver are a great buy as long as their pullbacks are far and few between reflect the fact that sentiment on the sector remains in the doldrums. However, the downtrend might not be over as both metals could make a lower low before the final bottom, in my opinion.

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