Welcome to illuminati silver, we tell you
the truth about silver. Today is Saturday 1st September 2018 and we
are providing our gold and silver weekly update for the week ending 31st August.
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automatically fed back into our channel. Anyway, back to our update:
Gold fell $4 last week from $1,205 to $1,201 having hit a high of $1,214 and a low of $1,197.
In sterling terms gold finished the week down £12 to £926 reversing the previous week’s
gain and in Euros it closed at 1,035 Euros down just 2 Euros.
Silver fell 29 cents from $14.82 to $14.53 having hit a high of $15 and a low of $14.50.
In sterling terms, it closed at £11.21 that’s down 32 pence and in Euros it closed at 12.52
euros that’s down 0.23 euros. The Gold to Silver Ratio rose yet another
week from 81.3:1. To 82.65:1 The Dow Jones closed on Friday at 25,964 down
22 points on the day but up 174 points on the week; and the NASDAQ closed at 8,109 up
21 points on the day and up 164 points on the week.
Brent Crude rose $1.82 from $75.82 to $77.64 and US Light Crude rose $1.08 from $68.72
to $69.80 The dollar index stands at 95.14 that’s
unchanged for the week. Last week saw gold vacillate within a $17
range between $1214 and $1197. As we predicted last week gold initially rose, but we must
admit did not hold on to those gains, which we thought it might at least for a week or
so, and fell back ultimately late on Friday ending the week down $4. Analysts view this
market as ‘very soft’ and see $1200 as a major support level. Technical traders believe
that should gold reach $1215 we may see a sharp but small rise, but if it falls below
and holds, then $1100 gold is in sight. The one thing all traders agree, and as we
have preached for months, is that its still all about the US Dollar and although it did
not change last week, like gold we saw some gyrations and we need to remind ourselves
from time to time, that certainly short term, gold is especially sensitive as it is one
of the first places that traders will go to sell if the greenback rises.
Now at the risk of preaching to the converted or repeating ourselves, we wish to emphasise
again, that the US dollar continues to be one of the strongest currencies in the world
overall, and that continues to weigh upon emerging markets. As one analyst said: “This
in turn can cause a lot of gold selling as emerging markets tend to be much more sensitive
to these moves and will often sell gold to prop up the local currency. Beyond that, gold
is priced in US dollars, so as the US dollar flexes its muscles, it makes sense that we
would continue to see gold struggle.” Silver markets fell again during the week
with the $14.50 level being continually tested. This is a market that has been sold off relentlessly,
as the US dollar has been strengthening. Though we did see silver, albeit for a brief moment,
touch $15, the $14.50 level has been support on a number of occasions, and if prices break
below here, then $14 is the next major support to be encountered.
On the other side of the coin, analysts believe that if that $15 resistance is breached, then
prices will rise rapidly to $15.50 and possibly slowly up to the $17 level. However, this
is exceedingly unlikely unless dollar strength is adversely affected.
So what news is likely to affect gold and silver prices this coming week?
Well Monday is Labor Day holiday, but on Tuesday we shall see a number of reports, including:
Markit manufacturing PMI for August; ISM Manufacturing Index for August
Construction spending for July Motor vehicle sales for August On Wednesday the Trade Deficit for July – which
as we all know is of particular importance to President Trump;
On Thursday Q2 Productivity Q2 Unit labour Costs
Markit Services PMI for August Factory orders for July And on Friday, and arguably most important
of all for the week, Non-Farm payrolls for August and the Unemployment
and average hourly earnings for August. So, we have a packed week of data and reports
all of which can influence traders, the dollar value, and of course important to us all,
the price of gold and silver. We believe the data generally will show that
the US is in quite robust good economic health with unemployment at very low levels and possibly
a small but rising average earnings data. If we are right, then we can foresee a further
dollar strengthening, if only because it makes FED interest rate rises more likely. Of course,
if we are wrong, the opposite will occur. Our general contention though is that the
figures will be good. On that basis, we probably would not recommend
anyone trade the paper markets this week, unless they have a gamblers instinct, but
the purchasing of physical for the long term, and we re-emphasise for the long term, represents
reasonable value at these levels. However, for those who follow him closely Jim Rogers
will still not be purchasing gold until it falls below $1,000 an ounce – is he right?
Will gold fall to that level? It’s even lower than our forecasts. What’ s your opinion? We hope you have found this video interesting
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updates and offers. 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.