Friday was a rough day to end what was otherwise an okay week for Gold and Silver. Fed Chair Jerome Powell’s hawkish comments hit all markets but most notably, did not raise rate hike expectations in the bond market.
Friday was a rough day but the positive was Gold lost only 1.2% as the S&P 500 lost 3.4%. Also, for the week the S&P 500 lost 4% while Gold lost less than 1% and GDX and GDXJ declined by only 1.3%-1.4%.
In nominal terms the immediate outlook for Gold and Silver and the miners appears to be bearish as the path of least resistance is to the downside.