Despite the minor pullback this morning, precious metals put in another strong week, with USD gold climbing above USD $1170oz. A soft (IMO anyway) payrolls print, and continued volatility in equity markets have combined to see bullion bid. We wouldn’t be surprised to see gold consolidate this week, and indeed it is looking somewhat overbought. In saying that, bulls will be encouraged by the strong close above both its 50DMA and 200DMA, which can be seen in the charts attached. Recent developments in the gold miners are also suggestive of better times ahead for the entire precious metals complex, with GDX rallying by approximately 35% since late January, on solid volume too. That move is even more impressive when one considers the weakness we are seeing in broader equity indices. One potential warning sign though is the fact that silver continues to lag. Whilst still up an impressive 8% for the year in USD terms, bulls would prefer to a see a declining gold/silver ratio, with silver outperforming to the upside.