Weekly Financial Report on Gold, Silver and Bitcoin (5-9 Oct)

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Gold

Last week Friday, October 2nd, saw the price of gold spurt upward following a shift in interest rate sentiments. The precious metal sky-rocketed sharply upward, to an extent of $25 in less than half an hour. The rise was as a result of an announcement of the US jobs report that disappointed many, expectations of when the Federal Reserve will finally vote to a more stringent policy posing a major factor. The rally has continued through the week and on Tuesday it gold momentarily settled at $1,152. According to reports, this is the highest level that had been reached in a period of two weeks. As a rule of thumb on trading gold, its price is inversely related to the value of the dollar. The metal is known to be used as a hedge, as rates hopes have gone down.

The precious metal faced resistance at that point as some of the traders chose to bag the gain they had made. So as from Tuesday to Thursday the sentiments towards gold was unsettled. By Thursday, the gold had dropped to $1,140, it has however mad upward surge back to $1,150.92 as at Friday. This however is not the highest that it has hot this year because in August, it hit a high of $1,170 but quickly retreated.

Gold, Silver and Bitcoin

Source: Kitco.com

Silver

The metal has been showing evidence pointing to the fact that it is in short supply. Though a steep upward price of the metal is yet to be concrete, it has however provided all the signs that it is set for an upward hike. Silver prices traded from $15.25 to $16.08 from Monday to Wednesday, 7th at around 1 pm, when the promising upward surge assumed the downward curve. On Thursday, the price of silver fell by 2.6%. The downward movement was attributed to the 2 pm release of the FED minutes from last month’s meeting. The silver fell to $15.67 from the previous day’s high of $16.08. However the trend changes and it maintained the upward surge, though not stable the curve is upward. As of Friday 8 am, it was at $15.94.

Silver Charts

Source: Kitco.com

Bitcoin

The Bitcoin Blockchain has continued to get stronger unchallenged. Despite the recent malleability problem and the spam attack at the end of September, Bitcoin continues to strongly trudge on, another gearing factor is that the altcoin competitors are being silenced slowly by the days. This is green all the way for Bitcoin enthusiasts.

This week, Bitcoin price on Monday closed at $240.62. On Tuesday the price of Bitcoin recorded the highest rise for the week to a high of $247.09 at around 3 pm. The price of Bitcoin has since taken a slow downward movement and as of Friday 10 pm the price was at $243.32.

Gold, Silver, Bitcoin

Source: Coindesk.com

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