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Gold and Silver Update – w/e 16th June 2017

1,356 views · Published 18 June 2017 · 6:05 · Indexed 29 October 2026

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

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Gold and Silver Update – w/e 16th June 2017

Today is Sunday 18th June 2017 and we are providing our gold and silver weekly update for the week ending 16th June.

Gold fell $13 last week from $1266 to $1253 having hit a high of $1,278 and a low of $1,252. In sterling terms gold finished the week at £981 that’s down £12, and in Euros it closed at 1,119 Euros that’s down 12 Euros on the week.

Silver fell 58 cents from $17.20 to $16.62 having hit a high of $17.28 and a low of $16.62. In sterling terms it closed at £13.01 that’s down 49 pence for the week and in Euros it closed at 14.84 euros that’s down 0.52 euros.

The Gold to Silver Ratio rose from 73.60:1 to 75.4:1

The Dow Jones closed on Friday at 21,384 up 24 points on the day and up 133 points on the week, and the NASDAQ closed at 6151 down 13 points on the day and down 56 points on the week.

Brent Crude fell 78 cents to $47.37 and US Light Crude fell $1.09 to $44.74
The dollar index stands at 97.16 that’s down 0.11 on the week.
Gold fell last week, especially once the interest rate rise was announced - in fact gold immediately fell $20 having peaked for the day just before it. From a technical analysis point of view momentum turned negative with the MACD generating a crossover sell signal – however there does appear to be significant support at the $1250 level.

Silver attempted to rally, but similarly to gold fell significantly post the interest rate announcement having formed a bearish candle.
Our last video highlighted the effect of the FED’s decision and Janet Yellen’s comments, but needless to say, we are expecting softer prices over the coming weeks with political turmoil preventing prices from falling much further or much lower.

President Trump and his staff are all lawyered up and we have little doubt that the Russian investigation and the ‘obstruction of justice’ issues will run for some time yet, thereby maintaining a degree of uncertainty which serves to support gold and silver prices.

That aside, we are becoming once again somewhat perturbed by click bait merchants who are predicting economic collapse yet again. One day stock markets will fall heavily and so will bond markets and frankly so will most asset classes including property. However, short of a nuclear war there are enough checks, balances and if you like manipulation systems in place to prevent an Armageddon situation. Governments and Central banks throughout the world know that total economic collapse will lead to complete lawlessness and disorder and they simply will not allow that to happen. So it is important to put all of this into perspective. Be under no illusion, the debt clock can rise to $30 trillion and there will be no economic collapse. The price of oil can fall to $30 and there will be no economic collapse. Inflation can rise to 4 or 5% and so too can interest rates and there will be no economic collapse. Corrections most certainly. Major corrections, quite possibly; but financial Armageddon – forget it for now – it simply isn’t going to happen. That said, gold and silver will in our view prove a very effective hedge and should always be an important part of one’s portfolio but please do not be scared into rushing out and filling your boots – there is still reasonable time to acquire what one needs to protect oneself.

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