Welcome to illuminati silver, we tell you
the truth about silver. Today is Sunday 7th August 2016 and we are
providing our gold and silver update for the week ending 5th August.
Gold fell in US dollar terms last week by $15 from $1350 to $1335, having hit a high
of $1367 and a low of $1335. In sterling terms gold finished the week at £1021 no change
and in Euros it closed at 1205 Euros that’s down 4 Euros on the week.
Silver fell by 63 cents from $20.34 to $19.71 having reached a high of $20.77 and a low
of $19.69. In sterling terms it closed at £15.07 that’s down 30 pence for the week
and in Euros down 0.42 Euros at 17.77 Euros per ounce. The Gold to Silver Ratio rose from
66.4:1 to 67.7:1 The Dow Jones closed on Friday at 18,543 up
191 points on the day and up 111 points on the week, and the NASDAQ closed at 5221 up
54 points on the day and up 59 points on the week. Brent Crude was up 74 cents at $44.27
and US Light Crude was up 20 cents at $41.80. The dollar index stands at 96.19 that’s
up 0.66 on the week. Gold markets rallied at the start of the week
partly also because the UK reduced interest rates by 0.25% but fell back a little on Friday.
There certainly appears to be a floor at the $1300 – $1320 level and this provides good
buying opportunities when prices reach here. Silver seems to be supported at the $19.50
level and again although prices fell back a little last week, there is strong support
currently at these levels. As we have said in the previous 2 reports, there will be vacillation
throughout the month of August and opportunities should be taken to buy on weakness.
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