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Gold and Silver weekly Update – w/e 21st December 2018

3,102 views · Published 22 December 2018 · 11:13 · Indexed 25 September 2026

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

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Today is Saturday 22nd December 2018 and we are providing our gold and silver weekly update for the week ending 21st December.

Gold rose $17 last week from $1,238 to $1255 having hit a high of $1,265 and a low of $1,235.  In sterling terms gold finished the week at £993 that’s up £10 and in Euros it closed at 1,104 Euros that’s up 9 Euros on the week.

Silver rose 5 cents from $14.57 to $14.62 having hit a high of $14.82 and a low of $14.56. In sterling terms, it closed at £11.58 that’s unchanged and in Euros it closed at 12.86 euros that’s down 0.03 euros.

The Gold to Silver Ratio rose from 85:1 to 85.8:1

The Dow Jones closed on Friday at 22,445 down 414 points on the day and down 1655 points on the week, and the NASDAQ closed at 6,333 down 195 points on the day and down 576 points on the week and the S&P 500 closed at 2,416 down 50 points on the day and down 183points on the week. 

Brent Crude fell $6.46 from $60.28 to $53.82 and US Light Crude fell $5.61 from $51.20 to $45.59

The dollar index stands at 96.95 that’s down 0.49 on the week.
Well we have to admit last week was fascinating to watch. Gold opened up gradually rising until Wednesday then took a $15 dip later that day and then peaked on Thursday to its week’s high of $1265 and then fell back again $6 on Friday. 

Of course the greatest influence was the FED raising rates, with what some analysts believed was a perplexing statement from the FED Chair Jerome Powell. On the one hand he indicated that the FED were determined to keep inflation at the 2% level irrespective of political interference which suggested higher rates and then indicated that they expected fewer interest rate rises next year. 

Stock Markets did not like the news and last week saw the worst week for the DOW since the 2008 Financial crisis and the Nasdaq is officially declared as being in a bear market. The Dow fell 6.9%, the Nasdaq fell 8.4% and the S&P fell 7.1% - all 3 indices being down more than 12% in December.

So, what is causing this collapse – well a mixture of things:

• The prospect of a global economic slowdown
• Political chaos caused by BREXIT
• A looming US Government shut down
• The Resignation of General Mattis and the differences he has 
        with Trump over Military strategy and policy, especially over 
        Syria and Afghanistan.
• The FED confirming its rising interest rate policy will continue.
• Frankly a host of other variables including Greece and Spain, 
        Emerging markets and general global uncertainty and in some 
        cases instability – and don’t forget china and North Korea 
        which is raising its head again.
 
Last week’s economic data showed higher housing starts and existing home sales than the median forecast, weekly jobless claims down by 4,000, consumer spending in line with expectations and core inflation at 0.1% compared with 0.2% forecast and consumer sentiment up.

On the downside, GDP growth was revised downwards for Q3 from 3.5% to 3.4%, personal income fell in November from 0.3% to 0.2%.
Durable goods orders however rose by 0.8% in November but expectations were for a rebound of 2% which followed a sharp fall of 4.3% in October. 

The COT report shows that Producer Merchants are still short on a ratio of 4:1, though this has reduced slightly,, swap dealers have increased their short positions by 17,000 contracts and managed money are marginally long having increased their long positions by almost 11,000 contracts.

Silver prices moved similarly to gold but rising and falling within a 29 cent range. It is finding $15 a serious resistance level and no doubt we are seeing prices consolidating above $14.50. 

As far as the COT report is concerned, Producer Merchants are nearly 4 times short than long, swap dealers are slightly more short than long increasing their short positions, and managed money is marginally more long than short.

So, what have we got on the economic agenda this week? Well it being Christmas week, there is very little to concern ourselves with save that on Thursday we shall have the Consumer confidence index for December.

This coming week will be a week of consolidation and traders rounding off their positions if they haven’t already done so. Stock markets will have most investors attention. The latest political news is that President Trump is polling advisors as to whether he has the power to sack Jerome Powell the FED Chair after his comments this week, and additional resignations over the Syria affair are occurring. The Government shut down looks like it is going to happen, though we have left this video until late in the hope of learning whether a deal was going to be done today being Saturday, but so far nothing has been reported.

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