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Gold and Silver weekly Update – w/e 6th October 2017

1,314 views · Published 8 October 2017 · 6:54 · Indexed 6 November 2026

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

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Gold and Silver weekly Update – w/e 6th October 2017

Today is Sunday 8th October 2017 and we are providing our gold and silver weekly update for the week ending 6th October.

Gold fell $3 last week from $1,279 to $1,276 having hit a high of $1,281 and a low of $1,261.  In sterling terms gold finished the week at £976 that’s up £21, and in Euros it closed at 1,087 Euros that’s up 4 Euros on the week.

Silver rose 17 cents from $16.65 to $16.82 having hit a high of $16.86 and a low of $16.35. In sterling terms it closed at £12.87 that’s up 44 pence for the week and in Euros it closed at 14.34 euros that’s up 0.24 euros. 

The Gold to Silver Ratio fell from 76.82:1 to 75.86:1

The Dow Jones closed on Friday at 22,773 down 1 point on the day but up 368 points on the week, and the NASDAQ closed at 6590 up 4 points on the day and up 95 points on the week.  

Brent Crude fell $1.17 cents from $56.79 to $55.62 and US Light Crude fell $2.38 from $51.67 to $49.29

The dollar index stands at 93.80 that’s up 0.73 on the week.

The US jobs market stalled in September, losing 33,000 jobs, as Hurricanes Harvey and Irma took their toll. It was the first time in seven years that the US monthly total had recorded a fall. This caused gold prices to become quite volatile plus the further threats issued by North Korea. Technical analysts believe that should gold fall below the $1260 level, then this would prove bearish for gold and we predict this is what will happen very soon indeed. We also said last week, that be prepared for a rise in the value of the US dollar and this has again started to occur and we foresee further strengthening of both the dollar and stock markets thereby adding further pressure on gold prices. That $1200 level is well within our sights.

Silver markets on Friday proved equally as volatile as gold. Initially sinking with the jobs report and then recovering with the North Korea threat. Silver did well last week considering all of the factors affecting its price. However we hold to the position that $16.50 will be a mid price for a short while and we can see prices again falling back to the $16 level and into the late $15. 

We have noticed recently that one or two subscribers seem to glee at the fact that perhaps our weekly forecast may be wrong by 1% - 2% now and again. Let us perhaps remind those critics of two key factors. The first is that we have always said that we look at the market over the medium to long term and only provide short term forecasts really in order to keep the subject alive and to identify more clearly those factors which tend to affect this market. Secondly, its rather ironic that they criticise our forecasts for being out say $1 on silver and perhaps $20 on gold, when some of the gurus they seem to worship and are disciples of have been out by as much as 700 dollars since 2011 on gold and over $30 on silver. May we remind them that it was only a few months ago that $20 - $25 silver and $1400 - $1500 gold was again being predicted by these pumpers while we have continued to remain generally subdued on their price. 

Just ask yourself one thing, how many people on here have been saying the corner has turned and gold and silver prices are about to explode. Well quite frankly you could not have had in recent months much more serious political information being revealed to cause gold and silver prices to do just that, and it hasn’t. Remember a couple of years ago the situation in the Ukraine and Syria, and how gold was going to reach its all time high because of the conflicts with Russia – nope still has not happened. So to those who take pleasure in being scornful, perhaps you should direct that scorn elsewhere as we are particularly proud of our record so far, especially when one considers by how much oil prices have plunged, stock markets have rocketed and the US dollar has weakened. Don’t worry, short of the proverbial black swan, we will give plenty of notice when we believe the tide has well and truly turned in favour of precious metals, and whilst we do not envisage any collapse in their prices, we equally do not envisage any major resurgence this year either.

Please view our latest videos:

Gold and Silver weekly Update – w/e 29th September 2017
https://youtu.be/xyZTEgOYgO0

Gold and Silver weekly Update – w/e 22nd September 2017
https://youtu.be/wiutKW-hQnA

Gold and Silver weekly Update – w/e 15th September 2017
https://youtu.be/WQVfRxRL3XA

Why President Trump will deal with the Democrats.
https://youtu.be/Bq6GYP4E5vY

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