Weekly Market Report

Last week, many of Gold’s indicators turned bullish and the price reacted with a $26 per ounce rally. Gold reached a high of $1,265 last Thursday, before seeing short-term selling . . . . 

Market reaction to the latest turmoil in the While House shows that investors are losing patience with the Trump administration and this should continue to underpin precious metals this year, according to one commodity analyst . . . .

Most tellingly, currency markets are again in a state of crisis – led by the “tell” of plunging emerging market and “commodity currency” nations . . . .

Gold prices raced higher as worries about political instability in the US swept financial markets . . . .

Spot precious metals are up an average of 0.4% this morning, Tuesday May 16, gold prices are up 0.2% at $1,233.50 per oz, the rest are all up 0.5% . . . .

Last week we saw the turn in precious metal prices. Gold made a new 60-day low last Tuesday at $1,214 per ounce before heavy trading volume started pushing the Gold price higher . . . .

Last week wasn’t pretty for Gold investors. During those five trading days, Gold declined $41.40 per ounce, closing last Friday at $1,226.90 per ounce. A number of factors caused the drop in the Gold price . . . . 

Last Friday, Gold closed at $1,266 per ounce, down $23 per ounce from the 2017 high of $1,289 reached on April 21. The slide in the Gold price started on Monday, after Marine Le Pen, leader of the National Front, came in second in the French runoff . . . .

Gold has now increased six weeks in a row, closing at $1,289.10 per ounce last Friday; an $88 increase over the past six weeks, and up $139 (12%) since the beginning of 2017, a new record high for the year . . . .

Last week, Gold hit a new 2017 high, reaching $1,273 during Friday trading. As the U.S. launched a Tomahawk missile attack against Syria last Thursday night, Gold quickly rallied $21 per ounce . . . .