Week ending 1st February 2013

Gold and Silver closed the week higher after peaking mid week, while equity markets continue to perform well.

A continuation of weak chart patterns and technical selling is leaving precious metals investors sitting on the sidelines.

On Wednesday, on the back of weaker than expected GDP numbers and confirmation by the US Federal Reserve that they will continue its US$85 Billion asset buying program, Gold and Silver jumped to highs for the week. However this appeared to be short-lived.

On the Equities front there has been solid buying in US stocks on the back of better than expected results from the majority of S&P 500 companies that reported earnings. 

On Tuesday Aussie shares hit a 21 month high.

The US dollar has appeared weak, hitting a 14 month low against the Euro. This along with other factors is contributing to the Aussie$ holding its higher levels against the US$.

Summary:

At the macro level, with the US and China markets improving, European debt markets calm (for now), more money being poured into stock markets and signs of increased political cooperation in the US, investors are reluctant to pour money into Gold and Silver.

Some Chartists are predicting a weak time ahead over the next few weeks.

We may well see some further troughs representing a good time to buy.

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The following sample is Gold over the last week ending 1st February.