Weekly Market Report

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 . . . .

Probably a lot of people look at the longer-term chart of silver and the first thing they see is the massive bull market that peaked in 2011, rising over 400% off the 2008 bottom and almost 10x off the early 2000’s bottom.  It’s tempting when you see something like that to dream… “what if?” . . . .

Last week was a consolidation week for the Gold price and Gold closed between $1,248 to $1,255 per ounce on all  . . . .

Last week the Gold rally continued, with Gold up $18, closing at $1,248.50 per ounce . . . .

Last week was one of the best weeks we have seen this year. The Gold price moved from Wednesday’s low of $1,196 to Friday’s close of $1,230 per ounce . . . .