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Gold and Silver weekly Update – w/e 8th June 2018

943 views · Published 10 June 2018 · 6:26 · Indexed 25 October 2026

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

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Gold and Silver weekly Update – w/e 8th June 2018

Today is Sunday 10th June 2018 and we are providing our gold and silver weekly update for the week ending 8th June.

Gold rose $5 last week from $1,293 to $1,298 having hit a high of $1,301 and a low of $1,290.  In sterling terms gold finished the week at £968 that’s unchanged, and in Euros it closed at 1,104 Euros that’s down 5 Euros on the week.

Silver rose 38 cents from $16.40 to $16.78 having hit a high of $16.90 and a low of $16.37. In sterling terms, it closed at £12.51 that’s up 23 pence and in Euros it closed at 14.26 euros that’s up 0.19 euros.

The Gold to Silver Ratio fell from 78.84:1 to 77.35:1

The Dow Jones closed on Friday at 25,316 up 75 points on the day and up 681 points on the week; and the NASDAQ closed at 7,645 up 10 points on the day and up 91 points on the week.  

Brent Crude fell 33 cents from $76.79 to $76.46 and US Light Crude fell 7 cents from $65.81 to $65.74

The dollar index stands at 93.53  down just 0.62 on the week.

Gold moved back and forth last week testing the $1300 level but failed to remain above it. For those who believe it is just simmering about to take off we just remind listeners that gold’s high last week was lower than the previous weeks high and gold’s low last week was lower than the previous weeks low, so we do not see a simmering at this stage. We still believe prices will go lower unless of course a negative political event occurs or the trade barriers or tariffs threatened by various countries actually are implemented and become hostile and serious. However we must re-iterate we do not envisage a major reduction in prices and that the upside has more potential than the downside, we just do not believe that gold has quite hit its bottom as yet.

Silver markets actually performed well rising most of the week, peaking on Thursday at $16.89 and falling back slightly on Friday to $16.78. To be frank we do not see any reason for this rise unless traders are beginning to believe that the $16 level is now too strong a base to break beneath. We still believe silver is rangebound and although it may hit $17 we still feel it will fall back again, although we are slowly reaching the position that $16 is beginning to look like an extremely serious floor. Nevertheless we still expect interest rates to go up this month and will watch the reaction then. 
However Trade sanctions and or tariffs will also have an effect if they are fully introduced and/or retaliated by other European and World countries. 

A few interesting reports due out next week includes: Survey of consumer expectations on Monday; CPI on Tuesday; FOMC announcement on Wednesday; Retail Sales figures on Thursday and Industrial Production and Consumer Sentiment Index on Friday.

The important one of course is the FED’s decision on Wednesday and we expect the Fed to raise short-term interest rates by 0.25% - which will be the second rate hike of the year (following the one in March) and the seventh since December 2015. The key question for many is whether there will be another one, two or even more raises later in the year and it will be the comments that follow the announcement that will be watched most closely.

We did not get a chance last week to provide a short video on Copper but we are confident to do so probably Wednesday or Thursday of this week.

Please view our recent videos:

Gold and Silver weekly Update – w/e 1st June 2018
https://youtu.be/2O7fO2lWmhM

Gold falls below $1300 – will it fall further?
https://youtu.be/3JVnyy8r_jc

Why Gold will fall below $1300 by June 2018
https://youtu.be/Wa0lgBiHMdk

World Silver Survey 2018 – Our View and Breakdown
https://youtu.be/Xv5nWrnq6q0

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