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Gold and Silver Update w/e 2nd Sept 2016 - by illuminati silver

1,399 views · Published 4 September 2016 · 5:09 · Indexed 1 November 2026

Channel: The 2% Brief · 2016 · People & Blogs

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Gold and Silver Update w/e 2nd Sept 2016 

Today is Sunday 4th September 2016 and we are providing our gold and silver update for the week ending 2nd September

Gold rose in US dollar terms last week by $4 from $1321 to $1325, having hit a high of $1327 and a low of $1303. In sterling terms gold finished the week at £996 down £9 and in Euros it closed at 1187 Euros that’s up 7 Euros on the week.

Silver rose 79 cents from $18.65 to $19.44 having reached a high of $19.45 and a low of $18.41. In sterling terms it closed at £14.62 that’s up 43 pence for the week and in Euros it rose 0.77 Euros at 17.42 Euros per ounce. The Gold to Silver Ratio fell from 70.8:1 to 68.2:1

The Dow Jones closed on Friday at 18,491 up 72 points on the day and up 96 points on the week, and the NASDAQ closed at 5,249 up 22 points on the day and up 31 points on the week.  Brent Crude was down $2.63 at $ 46.83 and US Light Crude was down $2.76 at $44.33. The dollar index stands at 95.8 that’s up 0.3 on the week.

Gold during the early part of the week fell almost touching the $1300 level and then recovered quite strongly on Friday by pretty non-descript jobs data. Whilst the FED has been talking up the prospects of an interest rate rise, the market consensus is that this may now not happen until December where they see a 0.25% rise occurring. We would not necessarily differ with that opinion as things currently stand, however of course we shall know who the New US President will be by that time and of course depending upon whether its Clinton or Trump will be reflected in markets accordingly. We hope those who were underweight in gold used last week as an opportunity to purchase more, as we suspect that we shall now slowly witness rising prices from here.

Silver made up its losses from the previous week experiencing strong support just above the $18 level and resistance at $19.50. That said, we can see silver move a little higher slowly perhaps up to $21 again, but we are not expecting any major jump beyond that level currently. We had hoped that silver would have moved slightly closer to the $18 level to enable listeners to buy in if they were underweight. We suspect that now traders are back in harness, that $19 will become more the norm for now.

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