It doesn't get much uglier than the three charts below. Since their highs in 2011, commodities like gold, silver, and oil have all been in relentless downtrends with lower high after lower high. While the ETFs for all three commodities saw rebounds in the second half of April, the rallies have all since fizzled and resulted in lower highs. While GLD still is still about 2.5% above its mid-April closing low, SLV made a new multi-year low on a closing basis today. There's always a bear market somewhere.