Welcome to illuminati silver, we tell you
the truth about silver. Today is Saturday 22nd October 2016 and we
are providing our gold and silver weekly update for the week ending 21st October.
Gold rose in US dollar terms last week by $16 from $1250 to $1266, having hit a high
of $1273 and a low of $1250. In sterling terms gold finished the week at £1035 up £9, and
in Euros it closed at 1163 Euros that’s up 23 Euros on the week.
Silver rose 11 cents from $17.41 to $17.52 having reached a high of $17.78 and a low
of $17.35. In sterling terms it closed at £14.32 that’s up 4 pence for the week and
in Euros it closed at 16.09 euros that’s up 0.22 Euros on the week. The Gold to Silver
Ratio fell from 71.8:1 to 71.04:1 The Dow Jones closed on Friday at 18,145 down
16 points on the day but up 7 points on the week, and the NASDAQ closed at 5257 up 15
points on the day and up 37 points on the week. Brent Crude was down 17 cents at $51.78
and US Light Crude was up 50 cents at $50.85. The dollar index stands at 98.69 that’s
up 0.68 on the week. Gold prices bounced near its support level
of $1,259 close to the 10-day moving average with resistance at $1274 despite a rally in
the dollar which generally leads to lower prices. The MACD (moving average convergence
divergence) index, generated a buy signal and we see this possibly moving through into
next week. We must note however the stronger dollar, especially on Thursday, mainly because
of higher Treasury yields, partly in reaction to movements in the crude oil price and a
fall in the value of the Euro. This coming week therefore is going to be difficult to
predict because of these contrasting forces. We feel the dollar may continue to rise a
little, however, with the US elections so near, until the outcome is known for sure,
gold is likely to hold reasonably steady or even gain slightly.
Silver markets were generally subdued, with little action moving within a 43 cents band.
The $17.50 level appears to be a relatively decent centre ground position, and we feel
for the next couple of weeks, silver prices will move in the same direction as gold, as
election and dollar value influences are likely to affect them both equally.
In conclusion, we must not under-estimate the dollar strength. We have now witnessed
3 consecutive weekly rises, of a reasonable size, and this is because the rest of the
western world, and in particular Europe and the UK are still embarking on their QE programmes
and lower interest rate policies, while the US appear, at least for the moment, to have
finished with such programmes, and if anything may even raise rates in December. As we have
said before, the picture will become much clearer once the US elections are out of the
way. We hope you have found this video interesting
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is updated daily can be found at 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