Gold And Silver Prices This Week
The big news impacting precious metals this week was the affirmative 'Brexit' vote on Thursday, as the citizens of Great Britain decided in a referendum to leave the European Union.
Global markets were in turmoil following the vote. The British Pound fell a staggering 9.4% against the Euro on the news to finish near 1.23, while the US Dow Jones Industrial Average plummeted 610 points, a 3.4% drop for the day.
Gold Price
Gold prices spiked over $110 intraday, before settling at $1,319, a new 52-week high. (Chart shows gold price from June 20 to June 25, 2016)
Notably, gold closed above the spike high from one week prior at $1,316, breaking out from the 5-month consolidation that had held prices in check since February. Gold looks to be on the verge of a trending move higher.
Silver Price
Silver prices spiked as high as $18.25 on Friday, a $1.20 intraday surge, before falling back some to close at $17.82. (Chart shows silver price from June 20 to June 25, 2016)
For the week, silver closed $0.30 cents higher for a 1.7% gain, also its fourth weekly gain in a row.
HUI
The HUI gold and silver miners index closed at 237.88, up 10.77 points or some 4.7% higher from a week prior, to a new 52-week high.
US Dollar
Finally, the US Dollar Index closed at 95.57, up 1.23 in volatile trading, a gain of 1.3% for the week.
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.
More from Gold-Eagle.com:
