Friday 1 September 2017

A second week higher

The precious metals climbed for a second consecutive week, with Gold and Silver settling net higher by $32.50 (2.5%) to $1330.40, and $0.77 (4.5%) to $17.82 respectively. Near term outlook offers further upside to challenge the summer 2016 highs.

Gold weekly

Silver weekly


Suffice to add, September has started on a positive note. More broadly, Gold remains much stronger than Silver, having achieved a decisive monthly close above the $1300 threshold - above the April/June high. Silver is still lagging, well below the Feb/April high.

A powerful indirect signal for Gold and Silver is copper, which has just recently achieved the first monthly close >$3.00 since Aug'2014.

Copper, gold, silver - monthly, 10yr

The trio of Gold, Silver, and Copper trade broadly together across the years, and copper is unquestionably leading the way higher.