Welcome to illuminati silver, we tell you
the truth about silver. Today is Saturday 31st December 2016 and we
are providing our gold and silver weekly update for the week ending 30th December.
Gold rose in US dollar terms last week by $18 from $1133 to $1151, having hit a high
of $1163 and a low of $1131. In sterling terms gold finished the week at £933 that’s up
£11, and in Euros it closed at 1095 Euros that’s up 12 Euros on the week.
Silver rose by 16 cents from $15.78 to $15.94 having reached a high of $16.27 and a low
of $15.72. In sterling terms it closed at £12.91 that’s up 7 pence for the week and
in Euros it closed at 15.15 euros that’s up 0.06 Euros.
The Gold to Silver Ratio rose from 71.8:1 to 72.2:1
The Dow Jones closed on Friday at 19762 down 57 points on the day and down 171 points on
the week, and the NASDAQ closed at 5383 down 48 points on the day and down 79 points on
the week. Brent Crude was up $1.66 at $56.82 and US
Light Crude was up 70 cents at $53.72 The dollar index stands at 102.21 that’s
down 0.80 on the week. Gold continued to trade bullishly last week,
peaking on Friday but carving off $10 of gains towards the end of trading. Care should be
taken with respect to such moves as these are being made under thin market conditions
and could be reversed when the markets return back to normal next week. In addition the
squaring off of trader’s positions also helped prices a little.
There has been a general dollar weakness during this week and this has helped to correct some
of its strength. The real test is likely to come in the next week when the market begins
to return to normal and the liquidity picks up and it remains to be seen how the dollar
will react when this happens. That said, Geopolitical tensions are growing
between the United States and Russia which are helping gold gain a foothold. Resistance
is seen near the December highs at $1,181. Momentum on the currency pair is positive
as the MACD (moving average convergence divergence) index recently generated a crossover buy signal.
The index is now suggesting an upward sloping trajectory which points to higher gold prices.
However it must be borne in mind that these chart indicators are not infallible.
Silver markets initially tried to rally on Thursday but found resistance above the $16
level to turn around again, and form a shooting star. The shooting star looks likely to signal
that the market is ready to continue to go lower, especially if the US dollar continues
to strengthen overall. Analysts are predicting a price range between $15 – $16.50 and readily
admit that it will prove quite a volatile market, but with a negative slant over the
longer-term. Next week will provide a reasonable indication
as to where prices may proceed into the start of 2017. We are still of the opinion that
lower prices will be the norm, however an initial start of year bounce may indeed occur,
however we envisage resistance at the $1175 level for gold and $16.40 level for silver.
For traders we suggest you sit on your hands until a direction is established and for physical
buyers as always prices are relatively cheap but we believe may become cheaper once 2017
gets underway. We shall announce the winners of our gold
and silver price forecast competition tomorrow as we need to check all of the predictions
thoroughly and we are planning on going out for the New Years Eve Party – so apologies
for the delay. However if you know that you have correctly predicted the price by all
means send us an email. Needless to say, we hope you had a very Merry
Christmas and would like to take this opportunity to wish each and every one of you a Happy
and Prosperous New Year. We hope you have found this video interesting
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Our Facebook page which 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