Gold and Silver Update w/e 10th June 2016 - by illuminati silver
Today is Sunday 12th June 2016 and we are providing our gold and silver update for the week ending 10th June.
Gold rose in US dollar terms last week by $30 from $1244 to $1274 an oz. having hit a high of $1277 and a low of $1235. In sterling terms gold rose by £36 and in Euro’s it rose by 37 Euros
Silver rose by 93 cents from $16.41 to $17.34 having reached a high of $17.37 and a low of $16.21. In sterling terms it rose by 85 pence, and in Euros it rose by 0.97 Euros. The Gold to Silver Ratio fell from 75.8:1 to 73.4:1
The Dow Jones closed on Friday at 17,865 down 119 points on the day but up 58 points on the week, and the NASDAQ closed at 4894 down 64 for the day and down 48 points on the week.
Brent Crude was up 90 cents at $50.54 and US Light Crude was up 45 cents at $49.07. The dollar index stands at 94.57 that’s up 0.54 on the week.
Safe haven buying helped drive August Comex Gold to a three-week high on Friday, putting it on track for a second straight weekly rise. The initial catalysts behind the rally were the weaker-than-expected U.S. Non-Farm Payrolls report on June 3 and dovish comments from Fed Chair Janet Yellen early last week, which dimmed hopes for an imminent rise in U.S. interest rates.
What is interesting is that the price of gold and silver rose, and so did the dollar index which is just a point short of that 95 level we believe the authorities wish to keep the dollar just below. We can therefore envisage the next 2 weeks being stronger for gold and silver benefitting on the back of it. Therefore we may indeed see new yearly highs for the metals, though we have to admit that there is considerable resistance just above the $1300 level for gold and the $18 level for silver.
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