Gold And Silver Prices This Week: Silver Surges Over 11%

Saturday, July 2, 2016

silver and gold

The precious metals continued to build on gains seen since the affirmative Brexit vote last week. Most notably, gold and silver are showing exceptional strength now during June, seasonally one of the weakest months for the precious metals.   

Gold Price

Gold finished the week to close at $1,344.90, up nearly $26 or 2% from the close a week prior. This was gold's fifth weekly gain in a row -- and a new 52-week closing high.

(Source: http://www.gold-eagle.com/rate/price-of-gold/  )

On the yearly chart, gold can be seen to be working on overcoming the spike high post-Brexit at $1,362.  Support should be seen at the previous resistance zone which held prices since February, between $1,285 and $1,306.

Silver Price

The gains in silver this week exceeded those seen in gold.  Silver surged $2.03 higher from a week prior to finish at $19.85, an 11.4% gain. This was also the fifth weekly gain for silver in a row -- and a new 52-week high.

(Source:  http://www.gold-eagle.com/rate/price-of-silver//oz  )

On the yearly chart, we note that silver, which was lagging gold during the early part of the spring, is now playing catch up. Prices look set to test the psychological $20 this week, while support should be seen between $18.00 - $18.75.

HUI Gold & Silver Miners Index

The gold and silver mining equities finished the week at 258.95, a gain of 21.1 from the close a week ago or 8.9%. This is a new 52-week high for the precious metals miners.

The sector is now up 160% from the lows of five months ago.

Related Markets

The US dollar closed marginally higher by $0.15 compared to a basket of international currencies, to close at 95.72 on the USD Index, for a gain of 0.15% for the week.

The S&P500 Index of large-cap stocks rebounded from the Brexit panic last week to close with a 3.2% gain to 2102. Notably, the US stock market is now just 1% below its all-time high, set in May of 2015 at 2126.

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Christopher Aaron

Christopher Aaron began his career as an intelligence analyst for the CIA and Department of Defense. He served two tours to Afghanistan and Iraq between 2006 - 2009, conducting pattern-of-life mapping for military leaders.

Mapping shares similarities with technical analysis of the financial markets because both involve the interpretation of repeating patterns found in human nature. He is the founder of iGold Advisor, providing research on the precious metals, and iGlobal Analytics, featuring technical analysis of the global capital markets.

Christopher speaks regularly on the cyclical patterns found within the financial markets and on international policy. He has been featured in the New York Times and NPR news amongst other publications.

www.iGoldAdvisor.com