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Gold and Silver Update – w/e 30th June 2017

1,626 views · Published 2 July 2017 · 7:57 · Indexed 22 September 2026

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

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Gold and Silver Update – w/e 30th June 2017

Today is Sunday 2nd July 2017 and we are providing our gold and silver weekly update for the week ending 30th  June.

Gold fell $15 last week from $1,256 to $1241 having hit a high of $1,257 and a low of $1,238. In sterling terms gold finished the week at £953 that’s down £35, and in Euros it closed at 1,086 that’s down 36 Euros on the week.

Silver fell 12 cents from $16.73 to $16.61 having hit a high of $16.90 and a low of $16.47. In sterling terms it closed at £12.75 that’s down 40 pence for the week and in Euros it closed at 14.54 euros that’s down 0.41 euros. 

The Gold to Silver Ratio fell slightly from 75.07:1 to 74.71:1

The Dow Jones closed on Friday at 21,349 up 62 points on the day and down 45 points on the week, and the NASDAQ closed at 6,140 down 4 points on the day and down 125 points on the week.  
Brent Crude rose $3.23 cents to $48.77 and US Light Crude rose $3.03 to $46.04

The dollar index stands at 95.63 that’s down 1.63 on the week.
Gold fell early last Monday morning, attempted a rally and then fell back again towards the end of the week. For many this was surprising, especially as the dollar weakened quite significantly against other major world currencies. The reason given for the initial fall was a ‘bad order’ entered by a clerk resulting in a ‘flash crash’ from which markets failed to recover fully. Whether true or not, one cannot escape from the fact that the recovery failed even though there were significant tailwinds behind gold; such as lower dollar value and slightly falling stock markets. 

There have been in recent months a number of events political and economic which should have caused a reasonable gold rally, and they failed to materialise. This coming week will also prove interesting, in that we can expect the release of several key reports including ISM Manufacturing PMI, ISM Non-Manufacturing PMI, the Fed Meeting Minutes and the U.S. Non-Farm Payrolls report. If these reports result in a strengthening dollar, which is indeed quite possible, or support the move towards higher interest rates later this year, then gold will continue to remain under pressure and we may indeed see a fall back to the $1200 position, at which there has so far been considerable support, however one must not assume that this support level is unbreakable. Keep an eye on interest rates in Europe and the UK as suggestions for future rate hikes will certainly hinder golds progress in Euro and sterling terms as we saw last week with gold down a quite significant £35 per oz and 36 Euros per oz.

Silver prices last week displayed a similar trend in price direction to gold but no-where near as severe. Nevertheless, dollar value, interest rate forecasts, economic results all have a similar effect and this is something we have continued to comment on for the past 2 years. Silver and gold trends, more or less move together or at least in similar patterns – certainly in recent years. Yes the degrees vary but one cannot escape from the fact that they are influenced by a majority of the same factors. Silver has a beneficial or detrimental bearing because of its industrial use. In times of poor industrial performance, silver prices are adversely affected and vice versa. So its predilection to move in line with gold is predominantly based on its use as a monetary metal or the view of it as a monetary metal. We have always been positive silver and gold long term and generally bearish short term. We do believe that silver now has a floor around the $15 level whereas 2 years ago that floor was around $12 but we also see a peak this year of no more than $21 and the consensus at the moment is a hovering between $16 - $18.

In sterling terms we can see silver going lower as the value of the pound increases against the dollar and so for Brits good times may be ahead for buying, though we have to take into account that 20% VAT charged which puts us at a huge disadvantage to our American colleagues. 

We were pleased to have pointed out last week that we expected gold and silver prices to fall but not significantly, which in dollar terms is exactly what happened, and we are expecting continued weakness throughout the Summer, unless of course some form of International political incident occurs.

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