We have now "technical evidence" that GLD (Gold ETF) and SLV (Silver ETF) are weakening as they both have borken their respective long term support lines. The only difference is that SLV broke it yesterday while GLD has broken it a few trading days ago and did not manage to recapture it (see Litle black circle on chart of GLD). It seems to that SLV could be printing a massive head & shoulder's top with a mesaured target at around $9.50 (Green level). As for GLD, it looks like a wide downsloping trading range with a target of $82. In any case ,I think that going long precious metals at these levels for the long term is not the best way to invest your money !
SLV : Ishares Silver Trust
GLD : Gold ETF.
A final note : I was at a meeting last week with a financial partner. The first thing that caught my attention near his trading desk was the cover of this magazine (picture taken with my precious iphone) that said that Gold would appreciate 50% in 2 years and that all investors were rushing for Gold. That article alone is enough for me to stay away from precious metals for 2 years !
