Welcome to illuminati silver, we tell you
the truth about silver. Today is Sunday 3rd June 2018 and we are providing
our gold and silver weekly update for the week ending 1st June.
Gold fell $8 last week from $1,301 to $1,293 having hit a high of $1,306 and a low of $1,291.
In sterling terms gold finished the week at £968 that’s down £10, and in Euros it
closed at 1,109 Euros that’s down 8 Euros on the week.
Silver fell 11 cents from $16.51 to $16.40 having hit a high of $16.59 and a low of $16.33.
In sterling terms, it closed at £12.29 that’s down 13 pence and in Euros it closed at 14.07
euros that’s down 0.11 euros. The Gold to Silver Ratio rose again slightly
from 78.80:1 to 78.84:1 The Dow Jones closed on Friday at 24,635 up
219 points on the day but down 120 points on the week; and the NASDAQ closed at 7,554
up 112 points on the day and up 121 points on the week.
Brent Crude rose 35 cents from $76.44 to $76.79 and US Light Crude fell $2.07 cents from $67.88
to $65.81 The dollar index stands at 94.15 down just
0.10 on the week. Gold fell initially at the start of last week
recovered and fell back again on Friday after a drop in Treasury yields and geopolitical
tensions in Italy easing. A stronger than forecast U.S. jobs report raised expectations
that the Fed will press ahead with another U.S. interest rate hike this month. The meeting
with Kim Jong-un being back on the agenda will further add pressure to gold and silver
prices this coming week. On the other side of course, any strengthening
in the Euro against the dollar as a result of political tensions in Italy easing could
cause the dollar to fall a little and gold prices to rise. Our view however is that this
month will show a degree of positive political news for President Trump and with good economic
figures, we should expect stocks to rally, the dollar to strengthen and precious metal
prices to fall. That said, we will admit that gold has remained relatively steadfast though
rangebound. It does appear, for the moment at least that speculators are interested in
trading, but physical buyers are staying away to some degree for the moment.
Silver oscillated last week between $16.30 and $16.60 closing at $16.40. There is strong
support and resistance at these levels and silver has managed to perform relatively well.
We still believe that it has a little downside to go but fully accept that the upside clearly
has much more potential taking the medium to long term view into account.
Whilst this coming week has a number of economic statistics being reported such as factory
orders on Monday and Trade deficit and productivity figures on Wednesday and wholesale inventories
on Friday we do not expect any of these to have much bearing on gold and silver prices.
If we get chance this week we will attempt to provide a short video on Copper as this
seems to be attracting some interest within the investing community.
We hope you have found this video interesting and informative and if so, please give it
a thumb up and share it on twitter. Also kindly visit our website at illuminatisilver.com
and if you haven’t already done so please subscribe as a free member for regular email
updates and offers. Our Facebook page which is updated regularly
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 its owners.