Welcome to illuminati silver, we tell you
the truth about silver. Today is Saturday 26th November 2016 and we
are providing our gold and silver weekly update for the week ending 25th November.
Gold fell in US dollar terms last week by $24 from $1207 to $1183, having hit a high
of $1220 and a low of $1178. In sterling terms gold finished the week at £949 that’s down
£30, and in Euros it closed at 1117 Euros that’s down 24 Euros on the week.
Silver fell 5 cents from $16.59 to $16.54 having reached a high of $16.90 and a low
of $16.18. In sterling terms it closed at £13.25 that’s down £0.19 for the week
and in Euros it closed at 15.61 euros that’s down 0.01 Euros.
The Gold to Silver Ratio fell from 72.75:1 to 71.52:1
The Dow Jones closed on Friday at 19,152 up 68 points on the day and up 285 points on
the week, and the NASDAQ closed at 5398 up 18 points on the day and up 77 points on the
week. Brent Crude was up 38 cents at $47.24 and
US Light Crude was up 37 cents at $46.06 The dollar index stands at 101.49 up 0.28
on the week. In our last weekly report, we predicted that
gold could fall below $1200 if not last week then certainly by 10th December. Well it did
just that on Wednesday. Having fallen in excess of 10% from a brief post-US presidential election
high of $1,337, the precious metal remains under pressure ahead of an expected increase
in US interest rates next month. New figures show spending by US companies grew 4.8 per
cent last month, its biggest gain in a year. Coupled with recent strong labour reports
and positive rhetoric from policymakers, this has convinced traders borrowing costs will
rise in December. Technical analysts predict that gold could
very well move between support at the $1152 level and resistance at $1234 an oz. If the
lower level is reached, then it could indeed be quite possible that the May lows of $1080
could indeed be tested. Silver markets had a volatile week, but eventually
found some stability around the $16.50 level. From a technical point of view, the resulting
candle was relatively neutral, so we could potentially see a bounce but the US dollar
strengthening is going to work against the value of precious metals.
Confidence will only rebuild should silver advance beyond $17 again. Having said that,
despite silver’s relative strength, it is becoming quite clear that the gold markets
have already broken down, and it would normally be typical for Silver to follow its lead.
So where are we heading from here? The gold price has retreated over 10% since November
9th and this includes its price stabilising somewhat because news that the Russian Central
bank had added a further 1.3 million ounces in October. Also, continued central bank buying
under $1,250 per oz is supporting the price and offsetting pessimism in the futures market.
That said, this is now almost totally a dollar play for the next few weeks and the continued
rise in World Stock markets. We can still see gold and silver prices fall further from
current levels, perhaps by as much as 5% between now and the end of December – however next
week may see a little consolidation if not a small bounce but it won’t last for long. Finally platinum prices have fallen another
$12 from $920 to $908 – we can envisage prices moving slowly back into the late $800
territory though we suspect the downside is quite limited.
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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