Gold And Silver | Weekly Recap for July 8-12

The prices of gold and silver changed direction and bounced back from their sharp tumble during the beginning of July following the U.S non-farm payroll report. It seems that the market sentiment has shifted after the publication of the minutes of the FOMC meeting and Bernanke’s speech. Currently, it seems that the more investors think, based on Bernanke’s recent remarks, the FOMC won’t decide to taper its asset purchase program in the coming months. This breakdown was enough to pull up precious metals prices and crash the US dollar in the progress.  In other news, U.S jobless claims rose by 16k to 360k;China’s gold imports are increasing, which might keep the prices of gold from falling below $1,000. By the end of the week, the Euro rose by 1.86% against the USD; the Canadian dollar sharply rose by 1.77% against the USD. Gold price rose by 5.35%; silver, by 5.62%.

Here is a short review of the latest changes in precious metals prices between July 8th and July 12th:

Precious Metals Recap:  

table weekly gold and silver  prices July 8-12 2013The price of gold bounced back last week by 5.35%; furthermore, during the previous week, the average price reached $1,257.18 /t. oz which was 1.59% above last week’s average rate of $1,240.93 /t. oz. Gold ended the week at $1,212.7 /t. oz.

Silver, muck like gold, pulled up during last week by 5.62%; moreover, the average weekly rate was $19.41/t oz, which was 0.31% above last week’s rate $19.32/t oz.

During last week, the average daily percent shifts of gold reached 1.054%; silver had an average daily change of 1.114%.

The chart below presents the changes in precious metals prices, in which they are normalized to 100 as of July 5th. Gold and silver prices rallied during last week.

weekly precious metals chart   July 8-12 2013The second chart presents the daily percent shifts of precious metals prices (or in other words the shifts around the trend). Silver and gold changed direction from the previous week and rallied almost every day of the week. Precious metals prices daily percent shifts ranged between 4% gain and 0.82% drop.  

weekly precious metals chart July 8-12  2013 percent changeFor further reading: