Gold and Silver weekly Update – w/e 27th July 2018 Video
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Gold and Silver weekly Update – w/e 27th July 2018
Today is Sunday 29th July 2018 and we are providing our gold and silver weekly update for the week ending 27th July.
Gold fell $9 last week from $1,232 to $1,223 having hit a high of $1,235 and a low of $1,218. In sterling terms gold finished the week down 5 pounds at 933 pounds and in Euros it closed at 1,049 Euros that’s down 1 Euro on the week.
Silver fell just 2 cents from $15.52 to $15.50 having hit a high of $15.66 and a low of $15.34. In sterling terms, it closed at £11.83 that’s up 1 penny and in Euros it closed at 13.30 euros that’s up 0.06 euros.
The Gold to Silver Ratio fell slightly from 79.38:1 to 78.90:1
The Dow Jones closed on Friday at 25,451 down 76 points on the day but up 393 points on the week; and the NASDAQ closed at 7,737 down 114 points on the day and down 83 points on the week.
Brent Crude rose $1.22 from $73.07 to $74.29 and US Light Crude rose 43 cents from $68.26 to $68.69
The dollar index stands at 94.66 that’s up 0.19 on the week.
Gold markets initially drifted lower at the start of last week, recovered mid-week, drifted lower again and then rose somewhat on Friday after the positive US GDP figures of 4.1% were announced.
Whilst this was a slightly better performance in terms of slightly higher lows than the previous week, there is no doubt that gold prices are under pressure and seem headed to break through what has up until now proven quite a strong floor at $1200. However we must caution you.
Whilst we believe that the FED is quite determined to raise interest rates a couple more times this year, thereby strengthening the dollar and lowering the price of precious metals, we must not forget the political imperative in the US.
There are already strong rumours that President Trump is giving serious attention to a military strike in Iran, either directly or by supporting rebels. In addition, the mid term elections due in 4 months or so are beginning to show the Republicans possibly in trouble and if they lose the House then one can be almost certain that the Democrats will progress towards impeachment of the President.
This turmoil will most certainly affect markets, the value of the dollar, and could prove quite positive for gold and silver prices.
However should these events not occur, then frankly, short term, their direction will be lower – but we are the first to admit that in a few months time we could be looking at either prices up to 10% lower than they are now or 10% or more higher than they are now. Notwithstanding the fact that Mueller might indeed make either an announcement by the fall or most certainly in our view further indictments and we believe to Trump family members.
There is no doubt that we have repeated for the past 2-3 months its currently all about the dollar value, and that remains so.
Silver markets once again tended to follow gold almost exactly and as we have predicted. That said $15.50 is proving a strong floor and there is some evidence now appearing that investors are beginning to buy again below this level. Once again, as with gold, our view is that a rising interest rate environment will again put downward pressure on silver prices while potential political turmoil may indeed adversely affect the dollar and assist in the rise of precious metal prices including silver.
So what is likely to affect prices this coming week? Well on:
• Tuesday we have consumer spending for June, core inflation for June, and the consumer confidence index for July – so this is an important day.
• Wednesday we have Markit Manufacturing PMI for July, and most important news for the week, the FOMC announcement on interest rates. Now most economists believe that the FED will keep rates at current levels, especially as they were raised only in June. Now whilst we tend to agree, we would not be surprised if they added another interest rate rise in order to make clear the point that they are determined to maintain a strong US dollar. Now although this is unlikely it would send a very clear message to the markets.
• Thursday we have the factory orders figures for June
• Friday we have the Nonfarm Payrolls Report for July and the Trade deficit figures for June and the Markit Services PMI.
So this coming week we have a plethora of financial data and announcements, so we are expecting some turbulence in precious metal prices this week.
Please view our latest videos:
Gold and Silver weekly Update – w/e 20th July 2018
https://youtu.be/pv7Hqq2f8GQ
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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