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Gold and Silver weekly Update – w/e 15th September 2017

1,022 views · Published 17 September 2017 · 6:26 · Indexed 1 November 2026

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

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Gold and Silver weekly Update – w/e 15th September 2017

Today is Sunday 17th September 2017 and we are providing our gold and silver weekly update for the week ending 15th September.
Gold fell $27 from $1,346 to $1,319 having hit a high of $1,346 and a low of $1,319.  In sterling terms gold finished the week at £970 that’s down £50, and in Euros it closed at 1,104 Euros that’s down 14 Euros on the week.

Silver fell 38 cents from $17.97 to $17.59 having hit a high of $17.97 and a low of $17.59. In sterling terms it closed at £12.94 that’s down 67 pence for the week and in Euros it closed at 14.72 euros that’s down 0.21 euros. 

The Gold to Silver Ratio rose from 74.90:1 to 74.98:1
The Dow Jones closed on Friday at 22,268 up 64 points on the day and up 471 points on the week, and the NASDAQ closed at 6,448 up 19 points on the day and up 88 points on the week.  

Brent Crude rose $1.84 cents from $53.78 to $55.62 and US Light Crude rose $2.41 from $47.48 to $49.89.

The dollar index stands at 91.87 that’s up 0.52 on the week.

Last week saw gold open weaker and then slowly recover and then weaken again ending the week at its low. Traders believe it may move closer  towards $1300 where they believe a solid floor exists. However should prices move below this level then a decline towards $1250 is on the cards. 

U.S. retail sales unexpectedly fell in August dropping 0.2% and data for July was revised to show sales increasing 0.3% instead of the previously reported 0.6%. 

Overall industrial production fell 0.9% over the month after a July increase revised upward to 0.4%. Economists had expected a 0.1% increase.
So we have sales and production figures falling, the dollar strengthening only marginally, North Korea launching additional missiles and another terrorist attack in London, and despite this, gold and silver prices fell back. This does not bode well unless as traders believe that the floor exists at $1300. 

We said last week that silver would vacillate between $17.50 - $18.50 when in fact it did so between a tighter margin of $17.50 - $18.00. Again analysts seem to agree with us that should silver fall below $17.50 then a fall to $17 is likely as should it hit $18 again then a prompt rise to $18.50 is on the cards. We apologise once again for saying this but silver is more or less tracking gold as seen by the relatively small changes in the GSR during the past couple of weeks. 

Let’s be absolutely blunt about this, the reason gold and silver prices are relatively high is the fear factor – North Korea, Trump not being able to pass his Budget, and the Mueller Investigation and its potential ramifications. Trump’s deal with the Democrats suggest that he may be able to gain some political capital to pass legislation and this has helped markets to rise, notwithstanding the poor economic data which means interest rates are likely to remain on hold for some months yet.

Gold and silver prices will move now in reaction to the slightest news, we would be more comfortable in predicting a rise if and when we see gold at below $1200 and silver at or below $15 and their prices may indeed head that way if North Korea dies down – if not then they are underpinned at $1250 and $16 respectively.

On Tuesday we shall publish an update on how we are progressing with the Inner Sanctum which we know a number of our listeners are eager to know more about. 

Please view our latest videos:

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https://youtu.be/Bq6GYP4E5vY

Gold and Silver weekly Update – w/e 8th September 2017
https://youtu.be/ioaJ4ciUw1Q

Gold Hits $1300 – Bannon is Out – Is Trump Next? 
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Trumps Threats cause Gold and Silver prices to rise - interview with Greg
https://youtu.be/ZETLrXdq1aA

Gold and Silver and Inner Sanctum Update – w/e 4th August 2017
https://youtu.be/6UuIBAaT_hg

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