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Gold and Silver Update – w/e 20th April 2017

1,527 views · Published 23 April 2017 · 5:16 · Indexed 24 October 2026

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

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Gold and Silver Update – w/e 20th April 2017

Today is Sunday 23rd April 2017 and we are providing our gold and silver weekly update for the week ending 20th April.

Gold fell in US dollar terms last week by $1 from $1285 to $1284 having hit a high of $1,295 and a low of $1,277. In sterling terms gold finished the week at £1,002 that’s down £24, and in Euros it closed at 1,197 Euros that’s down 14 Euros on the week.

Silver fell 62 cents from $18.55 to $17.93 having reached a high of $18.65 and a low of $17.84. In sterling terms it closed at £14 that’s down 82 pence for the week and in Euros it closed at 16.72 euros that’s down 0.76 euros. 

The Gold to Silver Ratio rose from 69.27:1 to 71.61:1
The Dow Jones closed on Friday at 20,547 down 30 points on the day but up 94 points on the week, and the NASDAQ closed at 5,910 down 6 points on the day but up 105 points on the week.  

Brent Crude fell $3.93 cents to $51.96 and US Light Crude fell $3.56 to $49.62

The dollar index stands at 99.97 that’s down 0.54 on the week.

Well last week proved disappointing for gold and silver prices mainly because increasing political tensions subsided somewhat. We certainly felt that gold would hit the $1300 level but it could only manage $1295. In addition, rumours took hold mid-week that a large far eastern fund was selling gold which caused prices to fall, only to recover again ahead of the 1st round of the French Presidential Election which is being held today.

This coming week we shall know the result of these elections together with President Trump’s tax reform plan which is expected to be announced on Wednesday. If both are favourable, then gold prices may indeed fall back as stock markets continue to rise. 

However if they disappoint, then the opposite will occur.

In sterling terms, gold prices weakened considerably, as the pound strengthened against the dollar and a basket of currencies, as the British Prime Minister announced the calling of a General Election, which she is expected to win quite handsomely.

Silver markets fell back but were supported strongly around the $17.80 level. Again we expected a strengthening in price, however once again, much of the political tension had in fact been reduced, though should not be ignored. We are still very confident about silver prices, however again depending on the French election results and President Trump’s tax plan, prices can move in either direction short term.

We are still confident however that gold will breach the $1300 level and silver the $19 level but it may take a few weeks to do so. Either way any fall in prices should be seen as a buying opportunity unless of course you are already fully committed. 

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