Weekly Market Report

Last Friday, Gold closed at $1,271 per ounce, down $9 for the week. Last week was an exciting week with Gold making a new 2017 high . . . .

Three major factors helped Gold breakout above the key $1,270 per ounce level last week . . . . 

Gold started the year at $1,150 per ounce and reached a high of $1,297 on April 17, a $147 increase . . . . 

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 . . . .