After inching better on Monday and Tuesday, gold and silver finally made a break for it on Wednesday in good volume on Comex, with gold peaking at $1365 intraday, and silver at $16.87. Those of us watching gold’s established trading range, and silver’s extreme oversold position thought this could be the start of a major breakout to the upside. Those hopes were dashed on Thursday, when both metals retreated, giving up most of their gains on the week.

Gold ended up a net $8 on the week by mid-morning European trade at $1341 and silver a net $0.15 at $16.55.

President Trump, who only last week said he was withdrawing troops from Syria, changed his mind and is now planning to bomb the country. That may have been behind Wednesday’s spike in gold and silver, but in truth, the Syria story, and therefore market knowledge of the escalating risks associated with it, has been around all week.