Welcome to illuminati silver, we tell you
the truth about silver. Today is Sunday 5th March 2017 and we are
providing our gold and silver weekly update for the week ending 3rd March
Gold fell in US dollar terms last week by $22 from $1256 to $1234 having hit a high
of $1263 and a low of $1223. In sterling terms gold finished the week at £1003 that’s
down £5, and in Euros it closed at 1161 Euros that’s down 29 Euros on the week.
Silver fell by 39 cents from $18.36 to $17.97 having reached a high of $18.48 and a low
of $17.65. In sterling terms it closed at £14.61 that’s down 12 pence for the week
and in Euros it closed at 16.92 euros that’s down 0.46 Euros.
The Gold to Silver Ratio rose from 68.41:1 to 68.67:1
The Dow Jones closed on Friday at 21,005 up 2 points on the day and up 184 points on the
week, and the NASDAQ closed at 5870 up 9 points on the day and up 25 points on the week.
Brent Crude fell 9 cents at $55.90 and US Light Crude fell 66 cents at $53.33
The dollar index stands at 101.54 that’s up 0.45 on the week.
Well what a change in sentiment we witnessed last week. The week before, traders were anticipating
an interest rate hike in March as a 30% probability but last week this rose to an 80% probability.
The effect has been a strengthening in the Dollar to a 7 week high which of course has
had a detrimental effect on both gold and silver prices.
On Friday Fed Chair Janet Yellen hinted that an interest rate hike is likely to happen
at the Fed meeting on the 15th. Only the Jobs report due out on Friday could possibly dissuade
such a rise from occurring. We have said that we foresaw 2 rises this year and were quite
confident about it. We did think to be fair that April or May would have been the better
bet for the first rise, however the FED is quite cogniscent that with only 1 rise last
year and 1 the year before, that its credibility is under scrutiny. With this in mind, we believe
that there will be further downward pressure on gold and silver this week and this could
very well provide that buying opportunity we have mentioned in previous videos.
We also recommend that you take into consideration that China has reduced its envisaged growth
rate for 2017 to 6.5% and this too could affect silver prices. Having said that global growth
appears to be growing and so any move down will be limited. Last week we said to expect
zig zag prices for the next few weeks and this is exactly what we believe will occur.
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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 its owners.