Welcome to illuminati silver, we tell you
the truth about silver. Today is Saturday 12th March 2016 and we are
providing our gold and silver update for week ending 11th March.
Gold fell in US dollar terms last week by $13 from $1258 to $1245 having been as high
as $1279 and as low as $1243. In sterling terms gold fell by £18 and in Euro terms
it relinquished last week’s gains and fell by 26 Euros.
Silver fell just 2 cents from $15.51 – $15.49 having reached a high of $15.72 and a low
of $15.22. In sterling terms it fell 13 pence, and in Euros it fell by 0.20 Euros. The Gold
to Silver Ratio fell from 81.1:1 to 80.3:1. The Dow Jones closed on Friday at 17,213 up
218 points on the day and up some 211 points on the week, and the Nasdaq closed at 4,748
up 86 for the day and up some 31 points on the week. Brent Crude was $1.70 up on the
week at $40.39 and US Light Crude was up $2.58 at $38.50. The dollar index stands at 96.17
down 1.17 on the week. On Wednesday we produced a video stating that
the Eurozone were going to cut rates on Thursday and this could have a downward impact on gold
and possibly silver. Well on Thursday The European Central Bank
had cut interest rates across the Eurozone to an all-time low of zero as it unveiled
an unprecedented package of growth-boosting measures against the backdrop of a fragile
global economy. It announced that it was expanding its money printing programme and reduced a
key bank deposit rate further into negative territory.
The ECB chief, Mario Draghi, implied interest rates would stay “very low” for at least
another year and predicted the region would remain mired in negative inflation for months
to come. But he played down speculation that interest rates could be cut even further.
Well as predicted we actually saw gold prices fall from the $1252 level to as low as $1243
closing the week at $1245. Silver also dipped from $15.40 to $15.22 but recovered strongly
to $15.49. In sterling terms both gold and silver fell. In fairness to silver it held
up well and strengthened slightly in relation to gold.
Technical Analysts are stating that should gold close above $1300 it could rise to its
next major resistance level at $1330 and if this is broken the $1375 level is on the cards.
Silver they state could also see the $16 level but it needs to break and hold above $15.80
first. We are mindful that open interest in gold
surged to some 499,000 contracts the strongest open interest rise in more than 4 years. Rising
open interest usually confirms an uptrend. However COT data in gold, silver, copper and
crude are moving together and speculation has reached levels of previous tops. Gold
is on a new buy signal and although the cycle is up its rapidly reaching those levels whereby
a correction becomes overdue and we see this happening over the coming weeks.
Silver however, despite its recent strength remains on a long term sell signal and investors
should really be in cash. The COT data suggests again falling prices in the coming weeks.
This does not detract however from our comments last week, that should you be underweight
in metals in your portfolio, then you should at least consider purchasing on dips, but
we feel that the next couple of months should provide you with a good opportunity to do
just that. We hope you have found this video interesting
and informative and if so, please give it a thumb up and share it on twitter. Also kindly
visit our website at www.illuminatisilver.com and look at our Facebook page which is updated
daily at www.facebook.com/illuminatisilver Disclaimer: Illuminati Silver owners come from a background
of Banking, International Wealth Management and Economics. Having now retired from these
worlds we are not qualified to give investment advice. Therefore, this and other productions
must not be deemed to be giving such advice and merely represent the personal views of