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Gold and Silver weekly update w/e 23rd Nov 2018

3,021 views · Published 24 November 2018 · 11:11 · Indexed 4 October 2026

Channel: The 2% Brief · 2018 · People & Blogs

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Today is Saturday 24th November 2018 and we are providing our gold and silver weekly update for the week ending 23rd November.

Gold rose $2 last week from $1,221 to $1,223 having hit a high of $1,229 and a low of $1,218.  In sterling terms gold finished the week at £954 that’s up £3 and in Euros it closed at 1,078 Euros that’s up 9 Euros on the week.

Silver fell 12 cents from $14.41  o $14.29 having hit a high of $14.55 and a low of $14.20. In sterling terms, it closed at £11.15 that’s down 8 pence and in Euros it closed at 12.60 euros that’s down 0.02 euros.

The Gold to Silver Ratio rose from 84.73:1 to 85.58:1

The Dow Jones closed on Friday at 24,285 down 178 points on the day and down 1,128 points on the week; and the NASDAQ closed at 6938 down 33 points on the day and down 309 points on the week and the S&P 500 closed at 2,632 down 17 points on the day and down 104 points on the week.

Brent Crude fell $7.96 from $66.76 to $58.80 and US Light Crude fell $6.04 from $56.46 to $50.42

The dollar index stands at 96.91 that’s up 0.45 on the week and completely reverses the previous weeks fall.

What did concern us a little about last week was the 1,000 point fall on Wall Street and gold could barely keep its head above water closing up only $2. The Dollar index was more revealing in that it reversed the previous week’s loss and as we suggested all along, even if wall street falls, the dollar is still likely to strengthen in the short term. All eyes will be on the FED in December - the 19th to be precise - when we shall know if it will impose a further rate increase of 0.25%. 

Silver followed a similar trend to gold except that it performed a little worse which is why the GSR rose again above 85:1. The trading range for silver last week was some 36 cents spread so once again we are not too excited about its movements. Like gold silver prices are currently heavily dependent on the strength or weakness of the US dollar however silver miners will have some relief in the quite considerable falls in oil prices recently which will serve, at least short term to reduce their mining costs. 

So, let’s take a look at the economic news to be announced this coming week:

• On Tuesday we have the Consumer Confidence index for 
        November

• On Wednesday GDP Growth for Q3 (previous quarter was 3.5% 
        growth) plus new home sales for October

• Thursday a little more active – Personal Income figures, 
        Consumer Spending, and Core Inflation figures, all for October 
        plus the FOMC Minutes will be published.

So, Wednesday and Thursday are the days to look out for. 

A number of conditions are in place to see gold and silver rise, yet those opposing conditions are dominating and frankly surplus monies are going into the US dollar even when stock-markets take a slight hammering. Will this trend continue? We think so for a while. Its also worth noting that traditionally gold and silver prices tend to fall in late November, December and whilst this is not cast in stone, there is little reason to suggest why this may not be so again this year.

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