The Phaserl


Silver scores biggest weekly jump in almost 3 years

Gold rallies as post-Brexit jitters lift precious metals. Silver is on a tear.

by Myra P. Saefong and Rachel Koning Beals, Market Wacth:

Silver futures logged their largest weekly climb since 2013 Friday, hitting a nearly 22-month high as the U.S. dollar softened and investors continued to search for safety.

Precious metals have benefited from worries sparked by the U.K.’s decision to exit the European Union, dubbed Brexit. But precious metals have also seen somewhat of a pull back as appetite for risk lured buyers back into stocks over the past few sessions.

September silver SIU6, +6.62% jumped 96.5 cents, or 5.2%, to settle at $19.588 an ounce. Prices haven’t settled at a level this high since mid-August 2014. Futures prices saw a 10.1% weekly gain—the largest since August 2013, according to FactSet.

Meanwhile, August gold GCQ6, +1.84% gained $18.40, or 1.4%, to settle at $1,339 an ounce, with futures marking the highest close since July 10, 2014. Trading was choppy this week, but prices saw a 1.3% weekly gain, according to FactSet data, after posting a nearly 7% climb for the second quarter.

Precious metals gains have held up relatively well as concerns about anemic global growth persist.

“We have got the Brexit result, but that is a result without a resolution,” said George Milling-Stanley, head of gold investment strategy at State Street Global Advisors. Many uncertainties remain and “these will likely continue to roil financial markets, which should benefit gold.”

He expects to see a brief “pause for breath” in gold as the market digests the Brexit news, then a steady move higher in the second half of the year that may take gold to $1,350 and possibly higher. “It is not difficult to see $1,400 or even $1,450 by year-end,” said Milling-Stanley.

Silver outperforms gold

Fawad Razaqzada, market analyst at and City Index, pointed out that silver has significantly outperformed gold’s Brexit-related gains. Silver, unlike gold “has also many industrial uses and so when base metals like copper rally, silver benefits from this source, too,” he said.

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2 comments to Silver scores biggest weekly jump in almost 3 years

  • Ed_B

    “But precious metals have also seen somewhat of a pull back as appetite for risk lured buyers back into stocks over the past few sessions.”

    I’m not convinced that “an appetite for risk” is responsible for this so much as is the usual normalcy bias. One of the talking heads on one of the financial channels said yesterday that the market had “bounced back” from the BrExit scare. I thought that this was one of the most superficial comments I’ve heard in a long time. A small change in perception does not change all of the damage that has been done to the US and world financial systems by the central banks. No, we’re not even close to seeing the end of this, regardless of what happens in the market from day to day. All time market highs very often precede a market / currency implosion.

  • windrunner56

    Can’t help but see this as a ruse. Get all the middle class back into silver and then “SLAM” down it will go and the report that JP Morgan shorted the silver market….AGAIN!!! JMO

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