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Gold and Silver weekly Update – w/e 27th October 2017

995 views · Published 30 October 2017 · 5:23 · Indexed 14 November 2026

Channel: The 2% Brief · 2017 · People & Blogs

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Today is Sunday 29th October 2017 and we are providing our gold and silver weekly update for the week ending 27th October.

Gold fell $7 last week from $1,280 to $1273 having hit a high of $1,283 and a low of $1,264.  In sterling terms gold finished the week at £969 that’s down £2, and in Euros it closed at 1,096 Euros that’s up 9 Euros on the week.

Silver fell 18 cents from $17.04 to $16.86 having hit a high of $17.15 and a low of $16.63. In sterling terms it closed at £12.85 that’s down 7 pence for the week and in Euros it closed at 14.52 euros that’s up 0.05 euros. 

The Gold to Silver Ratio rose slightly from 75.11:1 to 75.50:1
The Dow Jones closed on Friday at 23,434 up 33 points on the day and up 106 points on the week, and the NASDAQ closed at 6,701 up 2 points on the day and up 72 points on the week.  

Brent Crude rose $2.96 cents from $57.75 to $60.71 and US Light Crude rose $2.23 cents from $51.84 to $54.07

The dollar index stands at 94.90 that’s up 1.20 on the week.

Last week proved a little weaker in gold and silver price terms primarily again because of the strengthening US dollar. With the Bank of England possibly raising interest rates this week, it’s just possible that we shall see gold prices fall further in sterling terms. 
We have heard many analysts state that they expect gold to test the $1300 level again soon, but frankly if it does, it will be short lived. We believe that there is a greater likelihood that it will dip further towards the $1200 level and vacillate between $1200 and $1300 for a little while yet. That said, the Mueller investigation which is likely to result in someone being arrested this week, and tensions in North Korea will keep gold firm and not allow it to fall below $1200 which is where we believe it should lie. 

Silver, and please forgive us for repeating this, is pretty much tied to gold at or around the 75:1 GSR. We see its price firm slightly and fall back and again we see a range of between $16 and $17 for the next week or so. To be frank the gold and silver markets are quite boring right now and are likely to be for the next few weeks. Of course geopolitical tensions affect their price, and add a little spice but almost no matter what happens save a declaration of war, gold will operate between $1150 - $1400 and silver between $15 - $18 until the year end – so the message is simple, buy on dips and slowly accumulate for the long term.  Do not expect too much excitement for 2017.

Please view our latest videos:

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