While many though a positive end to last week would carry over into this week, those people could not have been more wrong. While gold and silver both floated in roughly the same position for the majority of the week, Friday spelled doom for precious metals. Despite an atmosphere that would seemingly be perfect for precious metals growth both gold and silver have reacted in dismal fashion.
Even Heavier Losses
If you thought last week was bad, you may want to stop reading now because this week was even worse for gold and silver. If you remember, last Friday saw gold pick up about 30 or so dollars to make a week of losses seem not so bad. A lot of market watchers were thinking that a positive end to gold’s last week would propel it forward this week, but such is not the case.
Despite gold and silver remaining stagnant early in the week, the end of the week was a disaster. Losses over 50 dollars on Friday alone helped set the tone for yet another week investors will want to quickly forget. The fact that Cyprus is attempting to sell off over 3 quarters of their gold holdings also did little to help gold.
It was a fun few weeks for those who were heavily investing in all things American, but that hot streak seems to be coming to an end. Not only have jobless claims began to rise again, retail sales in the US are at their lowest point in almost a year.
This could spell good news for gold and silver in the future, but did little to nothing for metals this week. Despite jobless claims rising and diminishing retail sales, the USD is still fairly strong as most other currencies across the globe are either being manipulated downward or are just steadily falling.
As we move ahead into the next week we are going to have to keep a close eye on any and all news that could possibly propel metals in one direction or another as both gold and silver have been volatile lately. Just like last week, North Korea is still being crazy North Korea and threatening just about anyone and everyone so it is important that we keep a close eye on that situation as well.
While investors are hoping to see gold pick itself up, bargain hunters are quite content to see some of the lowest prices in a long while.
Gold started the week at $1,582 and ended the week at roughly $1,479, a loss of $103. Silver, which began the week at $27.39, ended on Friday at $26.13. This was a loss of.$1.26.