Johnson Matthey & Brandenberger AG

Gold and silver moved sideways again in November.

October was a flat month for both metals.

After peaking in the first week of September, gold and silver fell in price, for the remainder of the month.

August saw solid gains for both gold and silver.

Both gold and silver rose for the month but didn’t break out of established ranges.

After rallying at the start of the month, gold and silver fell in price.

After dipping in price mid-month, gold and silver recovered to end the month essentially unchanged.

April was a mixed month for gold and silver.

Both gold and silver corrected in March, but finished the month hardly changed.

Gold and silver continued their positive price trend in February.

Both gold and silver had a positive start to the New Year. 

Gold and silver appeared to be stabilising in price in December.

Both gold and silver fell again in price this month.

Both gold and silver fell significantly in price at the start of the month, only to find significant price support at the 200 DMA.

Both gold and silver moved sideways in September.

Silver and gold slipped slightly in price in August.

The trend was still up for gold and silver in July.

Both gold and silver posted solid price gains in June.

Both gold and silver corrected downward in price in May.

Both gold and silver consolidated in price in March.

Gold appears to have based and started an up-trend. The picture for silver is less clear.

Gold and silver are basing at current price levels.

Gold and silver moved essentially sideways in price in December.

Both gold and silver fell significantly in November.

Both gold and silver had a positive month in October.

Gold and silver essentially moved sideways in September.

Gold and silver fell significantly in price in July.

Although gold moved sideways in May, silver managed a small gain.

Gold and silver both moved sideways in April and ended the month with a downward bias.

Gold and silver both moved sideways in March.

Both gold and silver had a good month in January, with gold outperforming silver.

Gold and silver essentially moved sideways in price in November.

Gold and silver fell again in price in October.

September saw significant price declines for gold and silver.

Both gold and silver essentially went nowhere in price in August.

Gold and silver moved lower in price in July.

Gold and silver both made upward price reversals in June.

Gold and silver closed at their monthly lows in May.

Gold moved sideways in April and silver fell back to its cycle lows.

Gold and especially silver fell in price in March.

Gold and silver had another month of solid price gains in February.

Gold proved to be stronger than silver in January, with a month of solid gains..

Gold and silver essentially moved sideways in price in December with silver being the stronger of the two.

Gold and silver slipped in price in November..

Gold and silver essentially moved sideways in price in October.

Both gold and silver fell in price in September..

Gold and silver displayed similar technical pictures in August. However, the percentage price gain of silver in USD terms at 19.9% for the month was much higher than that of gold at 6.1%.

Although gold and silver gained in price in July, with gold being the stronger performer, gold still lacked the momentum to break above its 50 DMA.

Recent price movements in gold and silver have been extreme, but not unprecedented. For investors these movements have been, to say the least, a headache, for industrial users on the other hand, a boon. The question is, now what? Before we attempt to answer that question, we would like to go back to the seventies and look at gold price movements.

Gold started its last bull-market at 35 USD/toz in 1970 and proceeded to 194 USD/toz by the end of 1974, a gain of around 450%. Gold then corrected for around 20 months to 104 USD/toz, or one could say lost 46% of its value. Over the following four years, gold then rose to 850 USD/toz, for a gain of 720%.

Staying with gold, during the current bull-market gold has risen from 255 USD/toz in April 2001 to 1895 USD/toz in September 2011, a gain of 643%. Gold has corrected to 1192 USD/toz in June of 2013, or one could say has lost 37 % compared to its high. Is the correction over? Maybe, maybe not. All we know is that gold and silver are very much oversold on a monthly basis (gold has not been this much oversold during the current bull-market), therefore the time may now be ripe for industrial users and investors to consider purchases in gold and silver.

Gold and silver lost further ground in May, but closed off their price lows.

Gold and silver suffered the largest price-drop in April 2013 since the financial crisis of 2008.

Silver was weak again in March with gold fairly stable around the 1600 USD/toz level.

Both gold and silver fell significantly in price in February.

Silver outperformed gold in January.

Both gold and silver fell significantly in price in December.

Both gold and silver increased in price in November.

Gold and silver stalled at overhead resistance and corrected in price for the rest of the month in October.

Gold and silver surged again in September, up to overhead resistance.

Both gold and silver surged in price in August.

Both gold and silver essentially consolidated in price in July.

Gold and silver remained below their long-term uptrends in June.

After falling in price in the first half of May, gold and silver stabilised for the remainder of the
month.

Gold appeared to be basing in April and silver drifted lower in price.

Both gold and silver drifted down in price in March.

Gold and silver displayed strong upward price movement in February.

Gold and silver prices rebounded in January from the significant correction of the previous month.

Gold and silver prices were hammered down in December.

November proved to be another month of price consolidation for both gold and silver.

After consolidating in price for several weeks, both gold and silver rose in price towards the end of October.

Both gold and silver corrected significantly in price in September.

Gold made new price highs in all currencies in August, corrected and ended the month consolidating its gains. Silver spent most of August in consolidation mode.

Both gold and silver experienced solid price gains in July. Whilst gold made new price highs, silver lagged somewhat.

Both gold and silver spent most of June consolidating in price with a downward bias.

Both gold and silver corrected significantly in price in May, however, their long-term price trends remain positive.

Both gold and silver appreciated considerably in price in April in USD, but less so in EUR terms.

Whilst gold struggled to gain in price in March, silver moved to a new high for the current bull-market.

Gold and silver displayed strong upward price movement in February.

Both gold and silver spent all of January correcting in price.

Strong price action for both metals was observed in December 2010.

Once again, as in October, new highs for gold and silver in November were followed by a price correction.

New highs for gold and silver in October were followed by a price correction.

Once again, both gold and silver had a strong month and moved into over-bought territory on the daily charts.

Both gold and silver had strong months in August and looked poised to testing previous highs at the end of the month.

Both gold and silver had a poor month in July, falling in price for most of the month.

Gold had another strong month in June as silver struggled higher in price.

Gold ended May on a strong note, silver however appeared to be weaker.

Gold broke upwards out of price consolidation in April and silver was close to doing so as the month ended. Both metals made new price highs in all currencies in the current bull market, except for the price measured in USD.

Both gold and silver consolidated in price in March with silver showing a strong upward bias.

Both gold and silver moved above their short-term downtrends in February.

Gold and Silver corrected further in price in January and found support, technically exactly where they should have.

Gold and Silver corrected in price in December.

Both gold and silver displayed strong upward price movement in November. At the time of writing, both precious metals were overbought, but in bull-markets, things can stay overbought for longer than one might think.

Steady upward price movement for gold in October contrasted with sideways movement for silver.

Gold broke out of a multi-month correction in September and silver followed gold upwards in price!

Gold and silver consolidated in price in yet again in August!

Gold and silver consolidated further in price in July, with a moderate upward bias.

Gold and Silver spent most of June correcting in price, though gold appeared to be stabilising towards the end of the month.

A significant price rally for both gold and silver took place in May.

April saw jet another month of price consolidation for both gold and silver.

March saw a month of price consolidation for gold and silver.

Gold and silver started to correct in price towards the end of February.

Yet again, gold and silver finished another good month in a technically strong position.

Both gold and silver had another positive month in December 2008.

Gold had a positive month in November but silver essentially moved sideways in price.

Three closes below the 65 WMA indicate that either the bull-market in gold is over, or that a medium term correction has started which could last a long time. The fortunes of silver are tied to gold.

Both gold and silver dived again in price in September. By the end of the month gold had staged a strong recovery.

August proved to be a dramatic month for the precious metals markets. Buyers had the opportunity to purchase gold and silver at the lowest prices of the year (so far?). Sellers were obviously less enthralled by the prices received. The question was asked, if the bull-market was over? We doubt it, however technical signs were mixed.

Both gold and silver broke out of price consolidation in July, only to fall back into their trading bands by the end of the month.

Although still in correction mode in June, both gold and silver finished the month on a positive note.

Although the initial downtrend lines were broken by gold and silver in May, the price correction continued.

The price corrections, which started in late March for gold and silver continued in April.

After making new price highs for the current bull-market, gold and silver started price corrections in the latter part of March.

As in January, gold and silver gained significantly in price once again in February.

Gold and silver gained significantly in price in January.

Gold and silver broke out of their price consolidation patterns in December, raising the prospect of higher prices in January 2008.

After making new highs for the current bull market in November, gold and silver closed at their price lows for the month, after the USD staged a mild recovery.

Once again, gold registered significant price gains in October. Silver struggled to break higher in price.

Gold broke out to new highs for the current bull market in September. Although silver surged in price as well, more work remains to be done before a price breakout occurs.

Gold was undoubtedly the stronger metal in August. Silver broke below it’s long-term price trend, but this may not necessarily be the end of the bull-market.

Gold and silver increased in price in July, but were also caught up in the volatility experienced by financial markets in general.

Gold and silver weakened in price in June and both approached long-term price supports.

Both gold and silver continued in short-term downward price trends in May. However, at the end of the month both metals looked like a rally in price was in progress.

This months report contains lots of interesting gold and silver news.

Although gold performed better than silver in April, both metals ended the month on a weak note, in short-term downtrends.

After significantly correcting in price at the start of the month, both gold and silver ended March consolidating in price with gold stronger than silver.

Both gold and silver gained in price in February. However the general correction in equity markets at the end of the month also prompted gold and silver to be sold and thus the technical picture became mixed.

Solid upward price movement for gold and silver in January could see both metals attempting to achieve the highs of 2006 going forward. The month saw lots of interesting and important news for the gold market.

Gold and silver spent most of December consolidating in price; any USD weakness could see both metals move up significantly in the January/February period.

Gold and silver made significant price gains in November and from a technical point of view both metals could move higher going into December and January. This typical seasonal pattern was last displayed in December 2005/January 2006.

After a weak start, gold and silver spent most of October rising in price. Technical indicators are signalling, that the price corrections in both metals, which started in spring, have probably come to end and we should expect higher prices going forward.

Gold and silver could not break out above price resistance at the start of September and fell back in price to their respective 200 DMA, which provided a base.

Gold drifted down in price in August, but remained within the confines of a large triangle, which should soon be tested. Technical indicators point to an upward break in price. As anticipated silver moved above resistance at the beginning of August and settled into the 11.80 to 12.50 USD/oz range. At the end of August silver broke out of this range. Three closes above resistance are usually needed to confirm a break, should this occur, there is not much in the way of a test of the highs seen in May 2006!

Gold and silver consolidated further in price in July, however as the month drew to a close, both metals showed positive technical trends and looked set to move higher. Any USD weakness going forward could send gold and silver in pursuit of higher price levels, as seen in May 2006.