KITCO NEWS -Heading into the week, expectations were high that a surprise Trump win would be bullish for gold (GLD - Get Report) prices; that optimism has been dashed with gold prices ending the week at a five-month low. With the Trump effect somewhat waning, is the gold rally really over? According to market commentator Todd 'Bubba' Horwitz, gold could have more lows to make. He told Kitco News that he wouldn't be surprised to see gold fall $25 from current levels. Gold has seen strong selling pressure since mid-week, following the surprise results of the U.S. election, with prices breaking below key support levels.  Friday, gold settled the week at $1,224.30 an ounce, down more than 6% on the week, its biggest weekly percentage decline since March 2008. Gold prices are also down more than $100 from its Election Night peak of $1,338.30 an ounce. On the flip side, copper is surging on expectations of higher infrastructure spending by the Trump administration. And while gold's rout has impacted silver (SLV - Get Report) prices, its industrial component has helped to limit losses. December silver futures ended  Friday at $17.382 an ounce, down more than 5% on the week, its biggest percentage decline since last April 2008.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.