by Alasdair Macleod, GoldMoney:

Gold and silver consolidated this week against a background of a rising dollar on the foreign exchanges. In Europe this morning, gold traded at $1661, down $12 from last Friday’s close, and silver at $19.40 was down 14 cents on the week.

As our headline chart shows, silver is up 10% since 1 September. Silver is extremely oversold in illiquid conditions, illustrated by our next chart.