Gold and Silver Update - 6th January 2017 Video
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Gold and Silver Update - 6th January 2017
Today is Saturday 7th January 2017 and we are providing our gold and silver weekly update for the week ending 6th January.
Gold rose in US dollar terms last week by $21 from $1151 to $1172, having hit a high of $1184 and a low of $1146. In sterling terms gold finished the week at £954 that’s up £21, and in Euros it closed at 1113 Euros that’s up 18 Euros on the week.
Silver rose by 56 cents from $15.94 to $16.50 having reached a high of $16.71 and a low of $15.91. In sterling terms it closed at £13.42 that’s up 51 pence for the week and in Euros it closed at 15.66 euros that’s up 0.51 Euros.
The Gold to Silver Ratio fell from 72.2:1 to 71.03:1
The Dow Jones closed on Friday at 19,963 up 64 points on the day and up 201 points on the week, and the NASDAQ closed at 5521 up 33 points on the day and up 138 points on the week.
Brent Crude was up 28 cents at $57.10 and US Light Crude was up 27 cents at $53.99
The dollar index stands at 102.22 that’s up a tiny 0.01 on the week.
With this in mind, gold appears extremely resistive at the $1200 area and the closer we get to that level, the more likely sellers are to become aggressive and push prices closer towards $1100 though this may take a week or two to achieve.
All eyes will be focussed on the equity markets as the Dow approaches that all important 20,000 level and if it is reached and held, then we shall see even more funds moving out of the precious metals and back into equities. This we envisage occurring once President-elect Trump has been inaugurated or perhaps just before.
Silver markets rallied during the week, breaking well above the $16 level. However there is considerable resistance all the way up to the $17 level. As with gold, the US dollar’s continuing strength should continue to put pressure on the silver market.
Having said that the more bullish traders believe that the economy is going to perform, should to some extent underwrite silver’s value though we are still of the opinion that we shall see $15 silver before $18 silver.
Now we all know that Government statistics are at best flawed and at worst manipulated. This is why we tend to look more closely at the trends rather than the underlying figures. What we feel we need to express though is that traders, analysts and those entities which speculate on the markets, whether they be equities, currencies or commodities, do place great store by these figures and anticipate and react accordingly.
So whatever you or we think or believe to be the case, it is not us who will move markets. What we can do though is look at the long term, and remain confident that given enough time our purchase decisions will eventually prove correct.
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