$GLD and $SLV Prices as of May 8 2017 from @moneymetals

6:15 AM

May 08, 2017 -- Precious metals took another pounding in last week's trading. The combination of ugly looking price charts, a selloff in commodities including copper and oil, and a growing consensus around the Federal Reserve hiking rates in June spelled trouble for gold and silver prices.

Investors will need a reason to buy safe haven assets, or significant weakness in the U.S. dollar, if precious metals are going to get renewed buying interest.

Markets will be digesting the French election results early this week. Interestingly, the victory of pro-EU candidate Macron may create some weakness in the dollar. His victory is good news for the euro, after all.

Nonetheless, many bullion investors will be disappointed to find the globalists have won the day.

Check out the live spot prices:

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