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Gold and Silver Update – w/e 23rd June 2017

1,357 views · Published 25 June 2017 · 5:30 · Indexed 14 November 2026

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

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Gold and Silver Update – w/e 23rd June 2017

Today is Sunday 25th June 2017 and we are providing our gold and silver weekly update for the week ending 23rd June.

Gold rose $3 last week from $1253 to $1256 having hit a high of $1,258 and a low of $1,241. In sterling terms gold finished the week at £988 that’s up £7, and in Euros it closed at 1,122 Euros that’s up 3 Euros on the week.

Silver rose 11 cents from $16.62 to $16.73 having hit a high of $16.79 and a low of $16.39. In sterling terms it closed at £13.15 that’s up 15 pence for the week and in Euros it closed at 14.95 euros that’s up 0.11 euros.

The Gold to Silver Ratio fell slightly from 75.4:1 to 75.07:1
The Dow Jones closed on Friday at 21,394 down 2 points on the day and up 10 points on the week, and the NASDAQ closed at 6265 up 28 points on the day and up 114 points on the week.

Brent Crude fell $1.83 cents to $45.54 and US Light Crude fell $1.73 to $43.01

The dollar index stands at 97.26 that’s up .10 on the week.
Gold began last week in decline, recovering from Thursday onwards. We said last week that there is strong support at the $1250 level and this proved to be the case with gold hovering around that figure. The general consensus amongst traders is that it remains in a bullish trend, with geopolitical concerns adding to that positive price direction. We see it slightly differently as we suspect much of the bad news has already been discounted and that frankly, unless there is some form of military action we envisage a further softening of prices. That said, there is little doubt in our minds that the downside is quite small while of course the upside is significantly greater over time.

Janet Yellen will be commenting on the FED’s thinking on Tuesday and we believe that one should pay attention to the movement in the Treasury yields. Lower yields will be bullish for gold. Rising yields will drive gold prices lower, but geopolitical concerns should prevent the market from falling significantly.

Similarly silver fell at the start of the week and strengthened from Thursday onwards. There appears to be strong support at the $16.50 level and analysts are predicting a rise to $17 this week or next. Again we are a little more bearish though these figures may be touched albeit temporarily. We are particularly looking at oil and calculating the repercussions of its continued weakness. One should be mindful that lower oil prices reduces mining costs which enhances share prices for gold and silver related equities and leads to the potential increase in quantities mined – depending of course that the low oil prices are sustained.

So our view for the next 2-3 weeks or so is little change but perhaps a slight softening while analysts are predicting similar except a slight strengthening.

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