Welcome to illuminati silver, we tell you
the truth about silver. Today is Sunday 20th May 2018 and we are providing
our gold and silver weekly update for the week ending 18th May.
Gold fell $26 last week from $1,318 to $1,292 having hit a high of $1,322 and a low of $1,285.
In sterling terms gold finished the week at £959 that’s down £14, and in Euros it
closed at 1,098 Euros that’s down 5 Euros on the week.
Silver fell 21 cents from $16.67 to $16.46 having hit a high of $16.73 and a low of $16.19.
In sterling terms it closed at £12.22 that’s down 9 pence and in Euros it closed at 13.98
euros that’s up 0.02 euros. The Gold to Silver Ratio rose from 77.66:1
to 78.49:1 The Dow Jones closed on Friday at 24,715 up
1 point on the day but down 116 points on the week; and the NASDAQ closed at 7,354 down
28 points on the day and down 48 points on the week.
Brent Crude rose $1.39 from $77.12 to $78.51 and US Light Crude rose 58 cents from $70.70
to $71.28 The dollar index stands at 93.63 that’s
up 1.10 on the week. Gold fell sharply at the start of last week
and bounced around its week’s lower levels closing only $7 higher than its weakest point.
Many reasons were given for the fall, with the main ones being rising U.S. Treasury yields,
a stronger dollar and the easing of geopolitical tensions. Strong Retail sales increases the
prospects of interest rate rises thus the strengthening of the dollar and the consequent
fall in precious metal prices. Potential Impacts on prices this week include;
the FOMC Meeting Minutes on Wednesday, Core Durable Goods Orders and a speech by Fed Chair
Jerome Powell on Friday. There are likely to be few surprises here as we expect the
FOMC meeting minutes to suggest that the next interest rate rise is due very soon.
Of course, political developments could hamper the dollar’s rise and put some strength
back into gold prices, but frankly short of a military infraction or a major bust up with
China (which after Friday’s announcements of improved trading conditions for American
Companies being considered) we see no reason for such negative geopolitical events to occur.
On the domestic political side, we do envisage Roger Stone to be subpoenaed by Robert Mueller
within the next 2 weeks and possibly even Donald Trump Jr in the not too distant future,
however this will only have an impact depending on President Trump’s reaction
Silver like gold fell sharply at the beginning of last week, gaining some ground though after
Wednesday’s lows. We expect prices to remain volatile moving between quite a strong floor
at $16 and ceiling at $17 though we still believe that silver will fall into $15 territory
in the coming weeks and before June is out. Should silver fall below $16 we can certainly
expect quite a quick descent towards $15.50 which is where we envisage another strong
floor, however it may take a couple of weeks to get there.
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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.