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Gold and Silver weekly Update – w/e 1st December 2017

1,108 views · Published 4 December 2017 · 6:05 · Indexed 21 October 2026

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

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Gold and Silver weekly Update – w/e 1st December 2017

Today is Sunday 3rd December 2017 and we are providing our gold and silver weekly update for the week ending 1st December

Gold fell $8 last week from $1,288 to $1,280 having hit a high of $1,298 and a low of $1,270.  In sterling terms gold finished the week at £950 that’s down £16, and in Euros it closed at 1,076 Euros that’s down 3 Euros on the week.

Silver fell 57 cents from $17.01 to $16.44 having hit a high of $17.19 and a low of $16.27. In sterling terms it closed at £12.21 that’s down 55 pence for the week and in Euros it closed at 13.82 euros that’s down 0.44 euros.

The Gold to Silver Ratio rose from 75.72:1. To 77.86:1 

The Dow Jones closed on Friday at 24,231 down 40 points on the day but up 674 points on the week, and the NASDAQ closed at 6,847 down 26 points on the day and down 42 points on the week. 
 
Brent Crude fell 13 cents from $63.86 to $63.73 and US Light Crude fell 59 cents from $58.95 to $58.36

The dollar index stands at 92.88 that’s up 0.10 on the week.

Last week saw the US Senate pass an amended US Finance Bill, and the Dow Index passed the 24,000 level as we predicted. In addition the FED has all but hinted that rates will go up in December and so along with the UK and Canada these higher rates are envisaged to continue higher which have resulted in the bond markets in these countries becoming very attractive when compared to gold – which has led to the migration of substantial funds from the gold market to the bond markets 

Although gold prices rebounded somewhat on Friday, technically speaking momentum has turned negative as the MACD (moving average convergence divergence) index generated a cross sell signal suggesting lower prices. 

We maintain the view that weaker prices are expected in December and so do not be surprised to see the support level around the $1260 level to be broken.

Relative to gold, silver had a bad week falling 57 cents and an equivalent amount in sterling terms – some 55 pence, pushing the GSR up over 2 points from 75:1 to 77 to 1. Though we believe this will gradually correct closer to 75, we are again bearish for this metal during December – or certainly until the interest rate decision is announced by the FED later in the month. 

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