Gold and Silver weekly Update – w/e 8th December 2017

Gold and Silver weekly Update – w/e 8th December 2017


Welcome to illuminati silver, we tell you
the truth about silver. Today is Sunday 10th December 2017 and we
are providing our gold and silver weekly update for the week ending 8th December
Gold fell $32 last week from $1,280 to $1,248 having hit a high of $1,280 and a low of $1,244.
In sterling terms gold finished the week at £932 that’s down £18, and in Euros it
closed at 1,060 Euros that’s down 16 Euros on the week.
Silver fell 60 cents from $16.44 to $15.84 having hit a high of $16.44 and a low of $15.67.
In sterling terms it closed at £11.84 that’s down 37 pence for the week and in Euros it
closed at 13.45 euros that’s down 0.37 euros. The Gold to Silver Ratio rose slightly from
77.86:1 to 78.78:1 The Dow Jones closed on Friday at 24,329 up
117 points on the day and up 98 points on the week, and the NASDAQ closed at 6,840 up
27 points on the day and down 7 points on the week.
Brent Crude fell 33 cents from $63.73 to $63.40 and US Light Crude fell $1 from $58.36 to
$57.36 The dollar index stands at 93.90 up 1.02 on
the week. A mixture of a rising dollar, positive political
movements on US tax reform, the prospect of higher interest rates this month and better
than expected Non-farm payroll jobs data ensured that not only did gold gain no traction but
that it fell throughout the course of the week.
If we coupled this with the tradition of gold and silver prices generally falling at the
start of December, the results should not be surprising. What cannot be ruled out either
is the rather significant rise in the value of bitcoin in recent months and how some analysts
are predicting that this will prove a substitute for gold with regard to investor affections.
Whilst it is true that bitcoin has gained a head of steam, we would still rather invest
in gold with the long term view in mind. Meanwhile however, we still see lower prices ahead and
that $1200 mark is looking quite appealing to head towards and break beneath.
Similar to gold, silver too fell consistently throughout the week gaining a little ground
on Friday however still remaining very subdued. Until the interest rate decision is cleared
this week and the prospect of a government shut-down being avoided once the Republicans
and Democrats agree on a refinancing bill, we simply see prices still heading south.
There is admittedly strong support just above the $15.50 level and considerable support
above the $15 level, however we would not be surprised to see those support levels tested
in the next 2 weeks. This may indeed present a great opportunity for those who did not
buy silver earlier this year because of its price rise, to top up their holdings during
this coming month. For those interested in platinum will have
noticed a $53 fall in the past week to $887. This metal will very soon be on our buying
list, but not quite yet. 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
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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.

3 Comments

  1. I think it is very ironic that there are still people that claim that Bitcoin is a substitute for Gold, when it is the excat opposite of gold. While gold is the ultimate form of money, and a very stable asset due to it being such a stable element; Bitcoin is a highly speculative technology asset, and not a commodity. (and actually it is a big pyramid scheme but most people don't get that).

  2. I have not checked in for a while. Like many this is not because of a lack interest but out of confidence that PMs are even more sound. Bitcoin says it all. Thanks for your work.

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