Gold prices ended the week in positive territory after much volatility in the preceding days.
"Gold prices moved lower on Thursday, giving back some of its gains, after surging on Wednesday as risk aversion picks up. Concerns that the Trump bump is over has buoyed the yellow metal. Support is seen near the 10-day moving average at 1,234, while resistance is seen near a downward sloping trend line at 1,290. Stronger than expected U.S. jobless claims and a better than expected Philly Fed Index helped buoy the dollar, taking the edge off gold prices." ("Gold Price Prediction for May, 19, 2017," fxempire.com, 5/19/17.)
Gold ended the week up $27.90, closing at $1,256.60. Silver prices closed at $16.93, up $0.39.
Gold Edges Lower After Biggest Rally Since Brexit Vote - Reuters
Jan Harvey, of Reuters, discusses how white house turmoil impacts gold and silver.
"Gold eased on Thursday as a bounce in the dollar prompted some buyers to cash in gains after its biggest one-day rally in nearly a year, though uncertainty over the outlook for the Trump presidency underpinned the metal near two-week highs.
"Gold surged nearly 2 percent on Wednesday, its biggest one-day jump since Britain voted to exit the European Union in June, on reports that U.S. President Trump had tried to intervene in an investigation into alleged Russian interference in last year's U.S. election. That prompted the sharpest drop in Wall Street stocks since Sept. 9, and knocked the dollar nearly 2 percent lower versus the Japanese yen…
"'(Gold) is seeing a pullback after yesterday's strong performance -- it needs to take a breather,' said Heraeus precious metals trader Alexander Zumpfe. 'It ran into resistance towards $1,260.' Nonetheless, sentiment has turned more positive and technical indicators are looking promising, he added. 'Stock markets (are) also looking bit vulnerable. That helps,' he said." ("Gold Edges Lower After Biggest Rally Since Brexit Vote," Reuters.com, 5/18/17.)
Gold Likes Trump Drama - Kitco
Peter Hug, Director of Global Trading at Kitco, gives his opinion on Trumps impact on the precious metals market.
"The continuing drama surrounding the maelstrom in the White House is beginning to affect the equity markets and the perception of whether the Fed will raise rates in June. The yen, which some consider a safe-haven trade, has risen almost 2% in the past three days, which mirrors gold's rise over the same period. Until the Trump administration can refocus on the "plan," risk assets remain vulnerable and gold will remain well bid. Would look for a close above $1,254 to propel gold to the $1,265 level. Support resides at the $1,238 level. Silver remains undervalued, relative to gold, but a break above the $17 figure is required to generate momentum." ("Gold Likes Trump Drama," Kitco.com, 5/18/17.)
WannaCrypt Ransomware Attack Should Make Us Wanna Cry - CNN
CNN contributor, Alexander Urbelis, wrote about the most recent cyber-attack and how it impacts you. Call Goldline and ask about their free "cashless society" literature that addresses how your finances are at risk for cyber terrorism.
"On Friday, the world experienced the wrath of a well-coordinated ransomware attack, known as WannaCrypt. The attack caused Britain's NHS to cancel surgeries, a wide array of Russian and Chinese private and public institutions to be crippled most of the day, and the rest of the world to recoil in shock.
"How could a single piece of malware that exploited a vulnerability identified long ago by the NSA, and leaked last month by a group called the Shadow Brokers, wreak so much havoc?
"Before the malware could do damage in the United States, a lone British researcher, known as "MalwareTech," serendipitously identified its kill switch -- the registration of a domain name -- while on vacation. The ease with which MalwareTech did this says a great deal about the poor state of the global information security industry, and raises several important questions.
"In short, WannaCrypt's creators were lazy, and the world lucked out. If WannaCrypt could be shut down so quickly and easily, why did it take so long for someone in this world to flip the kill switch, and what does this say about the state of global cyber preparedness?
"WannaCrypt has generated much debate about the danger of state-sponsored cyberattacks. As a staunch privacy and security advocate, I believe the inclusion of government-mandated backdoors in applications or operating systems that could allow unfettered access to personal data or activities are not only unwise but entirely misguided. But if the 2016 election has taught us anything, we cannot deny that we live in a time that requires both offensive and defensive cyber capabilities.
"If we do not discover greater efficiencies to combat pernicious threats like WannaCrypt, and if we countenance the creation and abandonment of insecure software, we can expect to face a far greater cascade of threats that have the potential to cause significant digital and physical damage. And next time we may not be so lucky." ("WannaCrypt ransomware attack should make us wanna cry," CNN.com, 5/14/17.)
HACKING BACK: Major Global 'Adylkuzz' Cyber-Attack Is Already Underway And It Could Dwarf Last Week's Hacks, Experts Claim - The Sun
Jasper Hamill, of The Sun, wrote about the next cyber-attack to impact you and your online finances. Call Goldline to get your free literature on the "War on Cash" and find out how you can diversify against attacks like this.
"Security firm says new threat could end up being even worse than the WannaCry ransomware which was used to attack the NHS last week"
"The new attack is called Adylkuzz and targets the same 'vulnerabilities' in computer systems as the WannaCry ransomware worm. But rather than lock files, it takes controls of computers and puts them to work "mining" a virtual currency which criminals can then exchange for real cash. Researchers at the tech firm Proofpoint said the new virus was linked to WannaCry and may have infected hundreds of thousands of computers. Nicolas Godier, a researcher at the computer security firm, told AFP: 'It uses the hacking tools recently disclosed by the NSA and which have since been fixed by Microsoft in a more stealthy manner and for a different purpose.'
"Instead of completely disabling an infected computer by encrypting data and seeking a ransom payment, Adylkuzz uses the machines it infects to'mine' a virtual currency called Monero and transfers the money created to the authors of the virus. In a blog, Proofpoint said that symptoms of the attack include loss of access to shared Windows resources and degradation of PC and server performance, effects which some users may not notice immediately.
'"As it is silent and doesn't trouble the user, the Adylkuzz attack is much more profitable for the cyber criminals. It transforms the infected users into unwitting financial supporters of their attackers,' said Godier." ("Major global 'Adylkuzz' cyber-attack is already underway and it could dwarf last week's hacks, experts claim," theSun.co.uk, 5/17/17.)