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Gold/USD

We remain cautious and stay with 60% gold allocation. (Our gold allocation vs USD remains 60%. This pair has still not confirmed a full allocation even though other asset classes remain more vulnerable and would justify a higher allocation to Gold. Within any asset allocation policy Gold must play an important enough role, simply because a minimum range of around 5% protects better than no allocation in any institutional portfolio)

Silver/USD

LT risk still down Nov 30. No change in allocation. For a serious trend change in the Metals space Silver usually takes a lead. That has not happened yet.(LT trend risk is narrowing. This is an indication of an ending Downtrend. Next weekend is month end. A trend change to Up is required to call a LT trend change. Weekly and daily risk weight cannot yet confirm an early LT, hence allocation remains at 40%)

Gold/EUR

More range trading expected. Technically, risk weight a bit more positive this week. No change in allocation. (The LT trend prevails without imminent divergences. Hourly overbought range may give just a little ST pressure early in the week. Stay with allocation at 75%)

Silver/EUR

Weekly turned up whilst Daily turned down. This pair still looks range bound. No change in allocation. (No change in risk patterns. Same allocation)

Gold/GBP

Both Daily and Weekly trends turned Up. Risk weight favours a slight increase of allocation to 60% from 50%. (Medium term higher risk vis a vis LT favors a no change position at 50% allocation)

Silver/GBP

Trend and Risk weight look fairly neutral with a bias o Silver ownership. NO change in 50% allocation. (If end of Nov (next week update) show an uptrend in Monthly whilst Medium term indicators are positive or low risk we will increase allocation from current 50%)

Gold/Silver Ratio

The 25 year high close around 86.00 and LT trend still up we still cannot call a top for the ratio even though tempting sometimes. As a result Silver can still not be seen as the leading metal. Owning Precious metals and probably from a higher base allocation seems evident because almost all LT Metals trends have a lower risk weight and/or in an uptrend. We remain flat, i.e no overweight for Gold or Silver. (The Ratio is semi-volatile range bound closing above 85.00 again. Whilst the nominal price sill hovers around highs of the last 25 years there is no clear signal of an ending uptrend with monthl;y still is clear uptrend with increading risk similar risk weight. Next week's close may turn out crucial. We remain flat for now) All time high: 1941 = 97, 1991 = 90

Euro/USD

Another week of 1% rangebound sideways extension. Daily trend turned Up from Down but looking neutral. No change from last week. (Weekly turned Up. This is a signal for the beginning of Eur down trend hesitation. Dollar top in sight therefore but not quite. Stay with 70% hedge on long dollar positions vs EUR)

Dow Jones

Last week's Daily Low risk pushed the market strongly higher with a near 1200 point recovery. This rally could now last a bit longer but will likely find strong resistance given the continued downtrend at the long end. (Market dropped 1000 points last week and remains hig risk even though daily shows an oversold risk weight. With Weekly in down trend and Monthly in established downtrend Daily risk may give some short term relief but Risk is Down. MT and LT. No change; zero % allocation)