Gold and Silver Update – w/e 10th February 2017 Video
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Gold and Silver Update – w/e 10th February 2017
Today is Saturday 11th February 2017 and we are providing our gold and silver weekly update for the week ending 10th Feb.
Gold rose in US dollar terms last week by $14 from $1219 to $1234 having hit a high of $1243 and a low of $1219. In sterling terms gold finished the week at £988 that’s up £11, and in Euros it closed at 1159 Euros that’s up 29 Euros on the week.
Silver rose by 45 cents from $17.50 to $17.95 having reached a high of $18 and a low of $17.47. In sterling terms it closed at £14.38 that’s up 36 pence for the week and in Euros it closed at 16.87 euros that’s up 0.65 Euros.
The Gold to Silver Ratio fell from 69.66:1 to 68.75:1
The Dow Jones closed on Friday at 20269 up 96 points on the day and up 198 points on the week, and the NASDAQ closed at 5734 up 19 points on the day and up 68 points on the week.
Brent Crude was down 11 cents at $56.70 and US Light Crude was up 3 cents at $53.86
The dollar index stands at 100.80 that’s up 0.93 on the week.
Gold remained in positive territory all week despite one or two comments suggesting that the FED may raise rates in March. The stock markets picked up when President Trump stated he was close to announcing a beneficial tax plan and tensions were eased when he told the Chinese President that he would support the “One China Policy” with regards to Taiwan.
This week there is a large amount of economic data expected, including Fed Chair Janet Yellen’s testimony, and a key report on U.S. consumer inflation that is expected to come in at 0.3%.
Yellen could shake up the markets, depending on whether she comes out hawkish or dovish.
The key support area on the downside is around $1207 while resistance seems reasonably fixed at $1261 its very likely that this coming week gold will bounce between support and resistance.
Silver too has been strong and especially on Friday afternoon when it jumped 30 cents setting itself up for further strength into next week. For now, there is considerable support at the $17 level and we should certainly see silver test $18 - $18.50 this week, though we believe there will be some resistance there which should hold for a while – again though subject to what Janet Yellen says this week about interest rates.
What we caution here and this is extremely important, information is reaching us that even the FED now wants to curb the dollar strength. President Trump knows too well that a strong dollar harms exports, and his tax cutting policies could well cause the dollar to fall and the FED may not raise rates to protect it, though we still believe there will be two rate rises this year.
What has happened this week is that stock markets have gone up, the dollar has risen, and gold and silver have also risen. Now we believe that Trump is good for the stock market short term which would normally cause precious metal prices to fall - but for the moment, it appears they are well supported simply because a large amount of uncertainty still abounds and the likelihood that President Trump will embark on economic policies that may very well cause the dollar to fall – not drastically, but sufficient to underpin precious metal prices.
So we are basically saying, subject to what Janet Yellen says this week, that if you have silver to buy, then seriously consider doing so on dips as at least for the next few months, prices are likely to remain firm and even possibly rise up close to the $20 level. Circumstances are changing, and so must our recommendations.
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