Silver: The bears finally got it right this week as silver dipped $0.54 closing Friday at $19.28 per oz. Silver began the week at $19.82 per oz. which was also the high for the week. The YTD silver price is still a pebble toss away from YTD increase of $6 per oz. One thing that is abundantly clear is the cartels desire to keep silver below $20 per ounce. For silver to finish the year on the same note it began 2016, we await key information from Federal Reserve Chairman Yellen this week at The Jackson Hole Summit. Gold/Silver ratio back to 70:1 is this a good time to buy silver bullion?
Gold: For the week gold demonstrated stability Monday at $1340 per oz. Gold prices peaked on Thursday at $1354 per oz. before falling Friday to $1341. Friday`s correction was attributed to stronger USD data and hints being thrown about by key Fed officials stating a rate hike is still on the table. Right now we see near term support for gold at $1320 with resistance at $1355 per ounce. The US Mint reports American Gold Eagle sales of 10,500 ounces for the week which is very low considering the economic landscape.
Platinum: The metal more rare than gold continues its struggle against the yellow metal losing $4 per ounce for the week. Platinum began the week at 1111.5 and peaked Thursday at $1131 per ounce. YTD platinum is nearly $70 per ounce off its August 10th high of $1176. This move lower could suggest platinum is losing its steam, or is getting ready for a big move higher. Sales for the 2016 American Eagle Platinum bullion coins were brisk with platinum bullion investors finally being rewarded for the long wait. The US Mint only produced 10,000 1 oz American Platinum Eagles and saw this year’s version sell out quickly.
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