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Gold and Silver Weekly Update for w/e 7th December 2018

3,034 views · Published 8 December 2018 · 11:49 · Indexed 4 November 2026

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

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Today is Saturday 8th December 2018 and we are providing our gold and silver weekly update for the week ending 7th December.

Gold rose $26 last week from $1,222 to $1248 having hit a high of $1,250 and a low of $1,221.  In sterling terms gold finished the week at £980 that’s up £22 and in Euros it closed at 1,096 Euros that’s up 17 Euros on the week.

Silver rose 45 cents from $14.17 to $14.62 having hit a high of $14.66 and a low of $14.17. In sterling terms, it closed at £11.48 that’s up 37 pence and in Euros it closed at 12.84 euros that’s up 0.32 euros.

The Gold to Silver Ratio fell from 86.2:1 to 85.3:1

The Dow Jones closed on Friday at 24,388 down 558 points on the day and down 1150 points on the week, and the NASDAQ closed at 6,969 down 219 points on the day and down 361 points on the week and the S&P 500 closed at 2,633 down 62 points on the day and down 127 points on the week. 

Brent Crude rose $2.21 from $59.46 to $61.67 and US Light Crude rose $1.68 from $50.93 to $52.61

The dollar index stands at 96.51 that’s down 0.76 on the week.

On Friday there was a smaller than expected Non-farm Payrolls Report announced. Anticipated were 190,000 – 200,000 new jobs whereas the reality was 155,000, and to add wood to the fire, the October jobs report which accounted for 250,000 new jobs was downgraded to 237,000. Average hourly earnings rose by 0.2% against an envisaged 0.3% and on Thursday the Trade deficit figures showed a deficit of $55.5 billion against an expected $55.1bn

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

• On Tuesday we have November’s Producer Price index
• On Wednesday Consumer Price Index, Core CPI and the 
        Federal Budget announcement all for November.
• Thursday, we have the Import price index
• and on Friday Retail Sales, and Industrial Production for 
        November. 

So, we have to ask ourselves – since the dollar is the important determinant on gold and silver prices, what are the influences that are likely to bear upon it.

Well we have to take into account a rather dovish tone from the FED on interest rates, lower than envisaged new jobs created, lower core inflation than predicted and worries over domestic and International trade levels. Add to the mix possible increasing upset with China and the holding of Meng Wanzhou of Huawei by Canada on behalf of the US with China threatening retaliation, and further revelations of the Mueller probe – none of this auguring very well for stability and confidence.

So, we can see gold and silver continuing to rise a little short term but are of the opinion that we are still operating within this relatively tight band of $1 for silver and $100 for gold. All of which, to some degree will be sorted on 19th December when we shall see what the FED decides to do about interest rates. 

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