Gold and silver prices finished this past week in positive territory, with gold futures up $14 to $4,738 and silver futures up 92 cents to $76.43.
There aren’t any particularly new and significant war headlines, although I’ll reiterate what I mentioned recentlt about how this recent statement from the Israeli defense minister represents what has been, and continues to be the primary reason I think it’s going to be very difficult for the war to be resolved in the near future.
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In terms of where that leaves the metals, there’s an incredibly high probability that the Strait remains closed for quite a while longer, which will put upward pressure on the oil market, which leaves an increased probability of downside pressure for the gold and silver prices.
For more color on that dynamic, and what you can expect for the gold and silver prices in the near term, you may enjoy watching this video recap at some point over the weekend, as that’s what I talked about in this one.
However, aside from the war developments, the other piece of news that came out this past Friday was that the Department of Justice hasdropped the probe against Federal Reserve Chairman Jerome Powell, conceivably in an attempt to facilitate Kevin Warsh’s progression through his Fed chair confirmation process.
Source: SGT Report
