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Gold and Silver Update – w/e 12th May 2017

1,964 views · Published 14 May 2017 · 6:05 · Indexed 25 October 2026

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

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Gold and Silver Update – w/e 12th May 2017

Today is Sunday 14th May 2017 and we are providing our gold and silver weekly update for the week ending 12th May.

Gold remained steady last week at $1228 having hit a high of $1,235 and a low of $1,215. In sterling terms gold finished the week at £953 that’s up £8, and in Euros it closed at 1,124 Euros that’s up 8 Euros on the week.

Silver rose 13 cents from $16.34 to $16.47 having reached a high of $16.47 and a low of $16.08. In sterling terms it closed at £12.78 that’s up 20 pence for the week and in Euros it closed at 15.07 euros that’s up 0.21 euros. 

The Gold to Silver Ratio fell slightly from 75.15 :1 to 74.56:1

The Dow Jones closed on Friday at 20,896 down 22 points on the day and down 110 points on the week, and the NASDAQ closed at 6,121 up 5 points on the day and up 21 points on the week.  

Brent Crude rose $1.74 cents to $50.84 and US Light Crude rose $1.62 to $47.84

The dollar index stands at 99.25 that’s up 0.60 on the week.
Gold prices last week fluctuated, mainly to the lower side during the middle of the week, only to recover towards the end.

The news last week proved a mixed bag. The French Presidential election results reduced political tensions, only to have them raised again by North Korea announcing another nuclear test. 

FBI Director Comey being fired was bad news for the markets but good for gold and so too was weaker than expected US economic data, such as inflation and retail sales – both making an imminent rise in interest rates less likely.

Some technical analysts believe that this week will see gold either rising well above the $1250 level or alternatively falling below the $1200 level. We cannot see any particularly influential data being announced to affect prices either way, and therefore we suspect that political events such as North Korea are likely to have more of an impact this week than any hard economic news.

Silver more or less moved in line with gold last week, though there is a view in the market that perhaps this coming week  may be a little more bullish possibly seeing silver reach the $17 level. Frankly again we see very little that will affect it save any major political news outbreak. What we are finding however, is that silver is quite easy to pick up at the retail level with premiums relatively low in many cases. This suggests to us that the demand for physical silver is not particularly that strong when compared to supply. In fact only last month it was reported that in March the U.S. Mint Sold 1,615,000 American Silver Eagles  which was the Lowest March Total Since 2007.

Having said that, the CPM Group has indicated in a recent report that it believes silver may test the $16 level but is very well supported at $15.80 and does not foresee prices falling below that level, while its short term upside rests between $18 - $18.60.

We are pretty neutral to slightly bearish for the next couple of months, however we believe this is a good opportunity to acquire more silver at a steady pace while premiums appear reasonable.

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