Gold and Silver weekly Update – w/e 3rd August 2018 Video
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Gold and Silver weekly Update – w/e 3rd August 2018
Today is Saturday 4th August 2018 and we are providing our gold and silver weekly update for the week ending 3rd August.
Gold fell $10 last week from $1,223 to $1,213 having hit a high of $1,227 and a low of $1,204. In sterling terms gold finished the week unchanged at £933 and in Euros it closed at 1,049 Euros again unchanged.
Silver fell 8 cents from $15.50 to $15.42 having hit a high of $15.60 and a low of $15.25. In sterling terms, it closed at £11.86 that’s up 4 pence and in Euros it closed at 13.33 euros that’s up 0.03 euros.
The Gold to Silver Ratio fell slightly from 78.90:1 to 78.66:1
The Dow Jones closed on Friday at 25,462 up 136 points on the day and up just 11 points on the week; and the NASDAQ closed at 7,812 up 9 points on the day and up 75 points on the week.
Brent Crude fell $1.08 from $74.29 to $73.21 and US Light Crude fell 20 cents from $68.69 to $68.49
The dollar index stands at 95.16 that’s up 0.50 on the week.
Gold markets fell again last week but rebounded strongly on Friday as it was definitely heading to breach below that $1200 level. However, the jobs report on Friday, though positive was below economists predictions therefore suggesting that any further interest rate rises may indeed be delayed a little, thereby strengthening the price of gold and silver. Now some analysts believe that Friday formed a hammer – technically speaking - and therefore could very well see gold rebound toward the $1250 level and beyond, and whilst we believe this is possible, our analysis shows that there are still sufficient headwinds to push the price lower over the coming 2 or so months.
Silver markets followed gold broadly though it is fair to say that recent movements have provided us with a firm floor and ceiling between $15 and $15.60. If silver continues to vacillate within these bounds for a few more weeks, then that will indeed prove positive for silver prices in the medium term. Of course, any breakout above $15.70 will prove most positive and we could again enter $16 territory. What we are watching closely is whether silver can actually breach below that $15 level. If it does and holds then that would indeed be a strong bear sign though we are quite confident that we shall not see $13 silver unless there is a pretty cataclysmic collapse in world trade as monetary and speculative demand for silver is near to its lows for a number of years and industrial demand currently stands at 60% of all demand, so this would have to be seriously affected to witness any major fall in silver prices.
As we pointed out in our last weekly roundup that Wednesday and Friday were the important days to watch and so it proved. The non-farm payrolls on Friday though increasing by 157,000 jobs was less than the 190,000 expected which is why the FED, in our opinion, did not try to sneak a naughty interest rate rise in on Wednesday – as their analysis and co-operation with other Government Departments would have given them a heads up on the Friday figures.
So what is likely to affect prices this coming week? Well on:
• Monday we have the survey of consumer expectations for July
• Tuesday the Consumer credit figures for June
• Thursday the producer price Index for July (giving us an indication of cost push inflation)
• Friday the Consumer Price Index, and core CPI for July.
On the positive economic front, the economy seems to be going well and if the trade tariff issue can be overcome then cruelly this will prove negative for gold and silver prices as to be frank we cannot foresee much further improvement in the industrial demand for silver on the horizon, as it already stands at just above 60% of total demand, and so the only fuel to push these prices higher short term, is either political turmoil, military action, economic distress or our proverbial black swan.
Please view our latest videos:
Gold and Silver weekly Update – w/e 27th July 2018
https://youtu.be/Z9jZ8ykZu9c
Gold falls below $1250 and silver below $16
https://youtu.be/L5CmhoSDV50
Copper – Its History and Prospects as an Investment Opportunity in 2018
https://youtu.be/JsIHjG3t7vQ
Gold falls below $1300 – will it fall further?
https://youtu.be/3JVnyy8r_jc
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