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Gold and Silver Update – w/e 17th February 2017

1,782 views · Published 20 February 2017 · 4:55 · Indexed 6 November 2026

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

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Gold and Silver Update – w/e 17th February 2017

Today is Sunday 19th February 2017 and we are providing our gold and silver weekly update for the week ending 17th Feb.

Gold rose in US dollar terms last week by $1 from $1234 to $1235 having hit a high of $1243 and a low of $1217. In sterling terms gold finished the week at £995 that’s up £7, and in Euros it closed at 1163 Euros that’s up 4 Euros on the week.

Silver rose by 4 cents from  $17.95 to $17.99 having reached a high of $18.12 and a low of $17.77. In sterling terms it closed at £14.49 that’s up 11 pence for the week and in Euros it closed at 16.95 euros that’s up 0.08 Euros. 

The Gold to Silver Ratio fell slightly from 68.75:1 to 68.65:1
The Dow Jones closed on Friday at 20,624 up 4 points on the day and up 355 points on the week, and the NASDAQ closed at  5,838 up 23 points on the day and up 104 points on the week.  

Brent Crude was down 89 cents at $55.81 and US Light Crude was down 46 cents  at $53.40

The dollar index stands at 100.95 that’s up 0.15 on the week.
Investors are buying gold in anticipation of volatility due to the global political climate and this is further reflected by ETF buying which has been constant throughout 2017 if a little cautious. The upcoming elections in Europe especially in France are helping to generate support for safe-haven assets.

Last week we said that the key support area for gold was $1207 and the lowest it reached was $1217 and remained within our upper limit of $1261.

Although silver was volatile last week, it too still managed to strengthen and this is positive. Again we see a little upside here this week; however dollar strength or weakness will probably be the more significant factor on prices.

We are slowly but surely gaining confidence again in the silver market and whilst we still feel prices can in fact dip a little there are signs, and only signs at this stage that perhaps $15.94 silver as witnessed at the start of this year may prove to be the floor for 2017 – however we are not making that prediction yet.

So this week further strengthening is anticipated but we are not expecting any major moves, unless of course President Trump announces the unexpected.

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