Published on Apr 16, 2019
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Gold and Silver weekly update for w/e 18th April 2019
Today is Friday 19th April 2019 and we are providing our gold and silver weekly update for the week ending 18th April. It’s a shorter week this week because of the Good Friday holiday although the Asian markets were open today but gold just moved sideways.
Gold fell $15 last week from $1290 to $1275 having hit a high of $1,292 and a low of $1,271. In sterling terms gold finished the week at £981 that’s down £6, and in Euros it closed at 1,134 Euros that’s down 8 euros.
Silver fell 3 cents from $14.99 to $14.96 having hit a high of $15.10 and a low of $14.86. In sterling terms, it closed at £11.51, that’s up 5 pence and in Euros it closed at 13.30 euros, that’s up 0.04 euros.
The Gold to Silver Ratio fell from 86.1:1 to 85.2:1
The Dow Jones closed on Thursday at 26559 up 110 points on the day and up 147 points on the week, and the NASDAQ closed at 7,998 up 2 points on the day and up 14 points on the week, and the S&P 500 closed at 2905 up 4 points on the day but down 2 points on the week.
Brent Crude rose 42 cents from $71.55 to $71.97 and US Light Crude rose 11 cents from $63.89 to $64
The dollar index stands at 97.37 that’s up 0.4 on the week reversing the previous week’s fall.
So, what do we have on the economic calendar for next week but please bear in mind there may be a delay because of the Holidays:
• Monday – Existing Home Sales for March
• Tuesday – New Home Sales for March
• Thursday – Durable goods orders for March
• Friday – GDP for Q1. (Q4 for 2018 had GDP at 2.2% and forecast for Q1 is 1.5% - much of it affected by the Government Close down in December and January.).
What was interesting about last week’s figures were that Retail Sales for march were 1.6% against an expected 1.1% and the Trade Deficit for February was - $49.4 billion vs an anticipated - $53.4 billion.
So how do we see this coming week? Well as mentioned earlier Tuesday will be important to see whether traders follow through with the decline in prices or decide that both gold and silver are at crucial support levels and instigate fresh buying. We are still of the view that the downtrend is more likely, especially as stock markets continue to rise and the US dollar retains its strength.
On the political front, with the Mueller Report out, some Democrats are calling for Impeachment. Our view is that such a process would be pointless as it would not get through the senate and in any case the Presidential Election is likely to occur before such a vote has to be taken by the Senate. However, we have heard that some Democrats are of the opinion that they can push through a vote relatively quickly and actually want the Republicans to vote against in the Senate as they will then declare that the Republican Senators are just Party Hacks rather than representing the Constitution they are meant to uphold. It shall be interesting to see how that plays out.
With regards to the Inner Sanctum – the new Forum has been agreed and will be up next week with some very useful changes and we have a number of new Courses and eBooks being uploaded for Inner Sanctum members to download for FREE over this holiday period.