Gold and Silver weekly Update – w/e 27th April 2018 Video
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Gold and Silver weekly Update – w/e 27th April 2018
Today is Sunday 29th April 2018 and we are providing our gold and silver weekly update for the week ending 27th April.
Gold fell $12 last week from $1,335 to $1,322 having hit a high of $1,335 and a low of $1,315. In sterling terms gold finished the week at £959 that’s up £6, and in Euros it closed at 1,090 Euros that’s up 4 Euros on the week.
Silver fell 61 cents from $17.14 to $16.53 having hit a high of $17.14 and a low of $16.45. In sterling terms it closed at £11.99 that’s down 25 pence and in Euros it closed at 13.63 euros that’s down 0.32 euros.
The Gold to Silver Ratio rose from 77.88:1 to 79.97:1
The Dow Jones closed on Friday at 24,311 down 11 points on the day and down 151 points on the week; and the NASDAQ closed at 7,119 up 1 point on the day but down 27 points on the week.
Brent Crude rose 58 cents from $74.06 to $74.64 and US Light Crude fell 30 cents from $68.40 to $68.10
The dollar index stands at 91.54 that’s up 1.23 on the week.
We suggested last week that gold and silver prices could possibly fall should the dollar strengthen and US tensions with North Korea and/or China reduce. This is in fact what did happen (though we also admitted the opposite could have equally occurred). The net effect saw a reduction in gold prices in US dollar terms as Treasury Yields rose. In fact the US dollar posted its strongest weekly performance since November 2016.
Quite positive economic data also suggested that at least two additional rate hikes by the Fed later this year were indeed quite possible if not likely thereby restricting any potential rallies in the gold price.
Major reports due out this week include ISM Manufacturing and Non- Manufacturing PMI, and the U.S. Non-Farm Payrolls report. Perhaps more importantly, The U.S. Federal Reserve will also release its latest interest rate decision and monetary policy statement, though the next interest rate rise isn’t expected until June. Nevertheless, short of any political upset, it is indeed quite likely to see gold price under further pressure this week.
Silver prices fell back below the $17 level and headed for the psychologically important level of $16.50 and fell below it where a reasonable floor is expected to hold. We see this frankly as a sign of weakness and expect silver prices to head relatively quickly towards the $16 level and possibly below, especially if economic data continues to strengthen.
So good economic data will prove bad for gold and silver prices as will a further strengthening of the US Dollar. This will of course provide a good buying opportunity but we suggest a little caution as we can foresee gold prices moving back into $1200 territory and silver falling below $16 very soon.
Please view our latest videos:
Gold and Silver weekly Update – w/e 20th April 2018
https://youtu.be/uvg6PLoIeE8
Gold and Silver weekly Update – w/e 13th April 2018
https://youtu.be/XLIpr-5YOxA
Will Solar Panels be the Saviour For Silver Prices?
https://youtu.be/6-LE_sQBrIE
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