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Market Brief

POSTED ON November 24, 2023  - POSTED IN Market Brief

Ahead of a possible challenge on the $2,000 level, gold consolidated recent rises this week, and silver held up well. This morning in European trade, gold was $1995, up $15 from last Friday’s close, and silver was $23.70, unchanged on the week. Comex volumes were healthy, despite the Thanksgiving holiday in the US.

POSTED ON November 10, 2023  - POSTED IN Market Brief

This week, gold and silver extended their correction of October’s sharp rise. In European trade this morning, gold was $1953, down $24 from Last Friday, and silver was $22.54, down 66 cents. Comex volume in both contracts was moderate.

POSTED ON November 3, 2023  - POSTED IN Market Brief

The writing of this market report was at a time of great volatility, due to it coinciding with the speech of the Hezbollah leader, Hassan Nasrallah. The drift of it appears to be that Hezbollah will support Hamas. If so, it means an intensification of the Palestinian crisis Which would presumably drive gold and silver prices higher. This market report should be read in this context.

POSTED ON October 27, 2023  - POSTED IN Market Brief

This week, gold and silver went their separate ways, with gold rising and silver falling. In European trade this morning, gold was $1985, up $4 from last Friday’s close, while silver was 22.81, down 21 cents. Gold is edging higher, while silver edges lower.

POSTED ON October 20, 2023  - POSTED IN Market Brief

This week, a firmer trend in gold continued as markets realized the seriousness of the deteriorating situation in the Middle East.

POSTED ON October 6, 2023  - POSTED IN Market Brief

The sell-off in precious metals continued as bond yields continued to rise and a strong dollar persisted. In early trade in Europe this morning, gold was $1822, down another $26, unchanged on the year. Silver traded at $21, down $1.17. Comex volumes in both metals declined from good levels, indicating that selling pressure is declining.

POSTED ON September 22, 2023  - POSTED IN Market Brief

The FOMC and the Bank of England stood pat on interest rates this week. Following the FOMC’s decision, gold and silver fell on the back of its hawkish statement before recovering slightly. In Europe this morning, gold was $1926 up a net $2 from last Friday’s close. Silver fared much better at $23.68, up 65 cents. Silver is obviously in a bear squeeze, while hedge funds have become disinterested in gold.

POSTED ON September 15, 2023  - POSTED IN Market Brief

Gold and silver drifted lower this week before a modest recovery Friday morning, which can be put down to bear closing. Meanwhile, gold hit record levels in yuan and yen terms.

Here’s a breakdown of this week’s gold and silver markets.

POSTED ON September 8, 2023  - POSTED IN Market Brief

Gold and silver prices fell this week in light trade, with US markets closed on Monday for Labor Day. In European trade this morning, gold was at $1925, down $15 from last Friday’s close, and silver was at $23.05, down $1.10.

POSTED ON September 1, 2023  - POSTED IN Market Brief

In the last few days, gold and silver have paused their earlier rises. In the case of silver, these have been substantial, as shown in our headline chart. In gold, less so; but it does appear that silver is leading both metals higher. In European trade Friday morning, gold was $1944, up $39 on the week, and silver $24.60, up 40 cents. Silver is up 10% from its mid-August low, leading gold which is up only 3%.

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