Welcome to illuminati silver, we tell you
the truth about silver. Today is Sunday 1st July 2018 and we are providing
our gold and silver weekly update for the week ending 29th June.
Gold fell $16 last week from $1,269 to $1,253 having hit a high of $1,271 and a low of $1,246.
In sterling terms gold finished the week at £948 that’s down £8, and in Euros it closed
at 1,072 Euros that’s down 16 Euros on the week.
Silver fell 36 cents from $16.48 to $16.12 having hit a high of $16.49 and a low of $15.93.
In sterling terms, it closed at £12.21 that’s down 21 pence and in Euros it closed at 13.80
euros that’s down 0.33 euros. The Gold to Silver Ratio rose from 77:1 to
77.73:1 The Dow Jones closed on Friday at 24,271 up
55 points on the day but down 309 points on the week; and the NASDAQ closed at 7,510 up
6 points on the day but down 182 points on the week.
Brent Crude rose $3.68 from $75.55 to $79.23 and US Light Crude rose $5.57 from $68.58
to $74.15 The dollar index stands at 94.47 that’s
down 0.05 on the week. Gold markets dipped below the psychologically
important level of $1250 last week as we forecast some 2 months ago but managed to close just
a few dollars above it. We are not convinced that its slight recovery is particularly sustainable,
and we should see very soon $1250 forming a ceiling as opposed to a supporting floor.
The dollar strength paid an important part in this and although the dollar index was
slightly down on the week, there were times it had risen quite impressively. Its interesting
to see those technical traders who were encouraging people to buy gold at $1300 last week are
now saying that at $1250 the market is exhausted, and prices may well dip towards the $1200
level, if not lower. If it were not for the unease concerning trade
sanctions, then gold would certainly be closer to $1200 than $1250 of that we have no doubt,
but believe that prices will fluctuate between these 2 figures over the next week or so.
Silver, again as we forecast, entered into $15 territory, though to be fair only remained
there a short time and rebounded above the relatively strong floor of $16. However, now
that we have seen this level breached, we think its only a matter of days if not a week
or so before it will be breached again and silver move backwards to our preferred buying
level of around $15.50. This week is going to be interesting as with
tomorrow being a holiday in Canada and Wednesday being Independence Day in the US, we expect
markets to be thinly traded which means prices could move either up or down with some velocity
and exaggeration, so frankly, to some extent anything can happen. We are still confident
though that short of a political upheaval, that silver prices will head lower over the
next few weeks and present an excellent buying opportunity for the physical buy and hold
investors. This coming week:
• The Markit Manufacturing PMI index for June will be reported on Monday,
• Factory orders for May on Tuesday • Wednesday being a holiday
• FOMC Minutes on Thursday – which will be important to observe
• Non-farm payrolls figures for June on Friday.
So we are expecting a little excitement, though not too much towards the end of the week.
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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.