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Gold and Silver weekly Update – w/e 12th October 2018 Video

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Gold and Silver weekly Update – w/e 12th October 2018

Today is Saturday 13th October 2018 and we are providing our gold and silver weekly update for the week ending 12th October.

Gold rose $15 last week from $1,202 to $1,217 having hit a high of $1,225 and a low of $1,184. In sterling terms gold finished the week at £925 up £8 and in Euros it closed at 1,053 Euros up 8 Euros on the week.

Silver fell 3 cents from $14.63 to $14.60 having hit a high of $14.69 and a low of $14.27. In sterling terms, it closed at £11.10 that’s down 5 pence and in Euros it closed at 12.63 euros that’s down 0.07 euros.

The Gold to Silver Ratio rose from 82.16:1 to 83.35:1

The Dow Jones closed on Friday at 25,339 up 287 points on the day but down 1,108 points on the week; and the NASDAQ closed at 7,496 up 167 points on the day but down 292 points on the week.
Brent Crude fell $3.73 from $84.16 to $80.43 and US Light Crude fell $3 from $74.34 to $71.34

The dollar index stands at 95.22 that’s down 0.40 on the week.

So what economic news do we have this week which could further affect markets:

• On Monday we have Retail Sales for September
• Tuesday Industrial Production for September
• Wednesday we have the publication of the FOMC minutes
• Friday Existing Home Sales.

Our best assessment for this coming week is perhaps a little more strength in the gold and silver price – though should equity markets return to normal then of course these gains could evaporate. We are now so close to the US Primaries, and as we all know, the markets tend to look a few weeks ahead, the uncertainty of the outcome is bound to play its part on trader’s activities. We certainly would not be sellers at this stage but would perhaps continue with any ongoing cautious physical gold and silver purchasing activity. Either way we see silver struggling to go beyond $15 or below $14 and gold struggle to reach $1250 or fall below $1200 at least for the coming week.

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