Welcome to illuminati silver, we tell you
the truth about silver. Today is Sunday 3rd December 2017 and we are
providing our gold and silver weekly update for the week ending 1st December
Gold fell $8 last week from $1,288 to $1,280 having hit a high of $1,298 and a low of $1,270.
In sterling terms gold finished the week at £950 that’s down £16, and in Euros it
closed at 1,076 Euros that’s down 3 Euros on the week.
Silver fell 57 cents from $17.01 to $16.44 having hit a high of $17.19 and a low of $16.27.
In sterling terms it closed at £12.21 that’s down 55 pence for the week and in Euros it
closed at 13.82 euros that’s down 0.44 euros. The Gold to Silver Ratio rose from 75.72:1.
To 77.86:1 The Dow Jones closed on Friday at 24,231 down
40 points on the day but up 674 points on the week, and the NASDAQ closed at 6,847 down
26 points on the day and down 42 points on the week.
Brent Crude fell 13 cents from $63.86 to $63.73 and US Light Crude fell 59 cents from $58.95
to $58.36 The dollar index stands at 92.88 that’s
up 0.10 on the week. Last week saw the US Senate pass an amended
US Finance Bill, and the Dow Index passed the 24,000 level as we predicted. In addition
the FED has all but hinted that rates will go up in December and so along with the UK
and Canada these higher rates are envisaged to continue higher which have resulted in
the bond markets in these countries becoming very attractive when compared to gold – which
has led to the migration of substantial funds from the gold market to the bond markets
Although gold prices rebounded somewhat on Friday, technically speaking momentum has
turned negative as the MACD (moving average convergence divergence) index generated a
cross sell signal suggesting lower prices. We maintain the view that weaker prices are
expected in December and so do not be surprised to see the support level around the $1260
level to be broken. Relative to gold, silver had a bad week falling
57 cents and an equivalent amount in sterling terms – some 55 pence, pushing the GSR up
over 2 points from 75:1 to 77 to 1. Though we believe this will gradually correct closer
to 75, we are again bearish for this metal during December – or certainly until the
interest rate decision is announced by the FED later in the month.
A recent report suggesting that silver demand has fallen in 2017 is weighing on prices and
frankly we still believe that it is pretty closely pegged to gold at this 75:1 GSR and
therefore unless North Korea heats up further or a significant political defeat for President
Trump occurs, then again we see lower prices over the next 2 weeks heading downwards to
that $16 level and possibly just below. Whilst this evidence is anecdotal, in the
physical world of silver, we are beginning to see ‘junk’ silver coins now selling
at silver scrap value prices on ebay and other websites. This does not bode well short term,
unless of course you are in the market for buying more.
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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.