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Gold and Silver Update – w/e 7th April 2017

1,579 views · Published 10 April 2017 · 5:44 · Indexed 21 October 2026

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

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Gold and Silver Update – w/e 7th April 2017

Today is Sunday 9th April 2017 and we are providing our gold and silver weekly update for the week ending 7th April.

Gold rose in US dollar terms last week by $5 from $1,249 to $1,254 having hit a high of $1,268 and a low of $1,244. In sterling terms gold finished the week at £1,013 that’s up £18, and in Euros it closed at 1,184 Euros that’s up 12 Euros on the week.

Silver fell by 25 cents from $18.26 to $18.01 having reached a high of $18.46 and a low of $17.94. In sterling terms it closed at £14.55 that’s unchanged for the week and in Euros it closed at 17 euros that’s down 0.14 euros. 

The Gold to Silver Ratio rose from 68.4:1 to 69.62:1

The Dow Jones closed on Friday at 20,656 down 6 points on the day and down 7 points on the week, and the NASDAQ closed at 5,877 down 1 point on the day and down 34 points on the week.  
Brent Crude rose $1.71 to $55.24 and US Light Crude rose $1.73 cents to $52.33

The dollar index stands at 101.20 that’s up 0.85 on the week.
Well as we said last week, we expected a little weakening in the price of gold and silver but that political events could change this. President Trump’s foray into Syria did just that causing gold to rise a little, but it was insufficient to cause silver to do the same. 

We still hold with the view at present that resistance exists at or around $1260 and support at the $1200 level for gold. What is a little concerning for the bulls at present is of course with a prospect of some form of retaliation from Russia and President Trump upping the ante in North Korea and yet we have still seen no surge in gold prices, one wonders what actually has to happen to re-ignite its flame.

A statement issued today  by a joint command centre consisting of forces of Russian, Iran and allied militia alliance supporting Syrian President Bashar al Assad said that Friday's US strike on the Syrian air base crossed “red lines” and it would "respond with force" to any new aggression while increasing their level of support to their ally.

Silver last week was buoyant and very positive but fell back on Friday again just bouncing off resistance levels at $18. We are still of the opinion that there could still be some weakness ahead especially if there is no reaction to the threat of further military intervention. 

Of course we have to add that these markets could go either way and especially upwards if tensions increase. Its difficult to tell at the moment whether we are encountering a degree of posturing on all sides, or a change in absolute approach by President Trump to becoming far more hawkish against Russia. 

We interviewed 2 Russians who have some interest in this area and we shall be publishing those shortly. Meanwhile our gold and silver forecasts are being published this week starting on Wednesday which is why this report is relatively short.

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