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Gold and Silver weekly Update – w/e 24th November 2017

979 views · Published 26 November 2017 · 5:09 · Indexed 10 November 2026

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

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Gold and Silver weekly Update – w/e 24th November 2017

Today is Sunday 26th November 2017 and we are providing our gold and silver weekly update for the week ending 24th November.
 
Gold fell $6 last week from $1,294 to $1,288 having hit a high of $1,294 and a low of $1,275.  In sterling terms gold finished the week at £966 that’s down £13, and in Euros it closed at 1,079 Euros that’s down 18 Euros on the week.

Silver fell 30 cents from $17.31 to $17.01 having hit a high of $17.31 and a low of $16.86. In sterling terms it closed at £12.76 that’s down 34 pence for the week and in Euros it closed at 14.26 euros that’s down 0.42 euros.

The Gold to Silver Ratio rose slightly from 74.75:1 to 75.72:1. Expect a GSR of around 75 to continue for some time yet.

The Dow Jones closed on Friday at 23,557 up 31 points on the day and up 199 points on the week, and the NASDAQ closed at 6,889 up 21 points on the day and up 107 points on the week.  

Brent Crude rose $1.14 cents from $62.72 to $63.86 and US Light Crude rose $2.40 from $56.55 to $58.95

The dollar index stands at 92.78 that’s down 0.88 on the week.

Well despite a lower dollar last week and dovish sentiments from the FED re interest rates next year, gold prices still failed to establish a rally. In fact most investors turned their attention again to equities where even President Trump is boasting that the stock markets are at all-time highs.

We believe interest rates will rise in December as the FED is confident and reasonably unanimous on growth prospects, consumer spending and manufacturing, though inflation is relatively sluggish. We have been saying for the past 2 years that the US economy is improving and to expect a 24,000 Dow any time soon.

On Wednesday Janet Yellen is commenting on the FED minutes. GDP and Manufacturing PMI data is also to be announced later in the week. We still believe that gold prices will remain weak and save a political event or a further decline in the dollar occurring around $1250 is our target.

Silver prices weakened early in the week and seemed to find strong support around the $16.80 level. Again we see prices moving in line with gold, though some traders are a little more positive about silver at these levels. If gold however does hit $1250 then silver will certainly fall below $16.80 – we shall just have to wait and see. We are most certainly of the opinion that December is likely to open up a few interesting opportunities for those looking to stock up on their gold and silver levels. 

Please view our latest videos:

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