Welcome to illuminati silver, we tell you
the truth about silver. Today is Saturday 29th September 2018 and
we are providing our gold and silver weekly update for the week ending 28th September.
Gold fell $7 last week from $1,199 to $1,192 having hit a high of $1,203 and a low of $1,181.
In sterling terms gold finished the week at £915 that’s down £2 and in Euros it closed
at 1,027 Euros up 6 Euros on the week. Silver rose 35 cents from $14.30 to $14.65
having hit a high of $14.71 and a low of $14.19. In sterling terms, it closed at £11.24 that’s
up 31 pence and in Euros it closed at 12.62 euros that’s up 0.45 euros.
The Gold to Silver Ratio fell over 2 points from 83.84:1 to 81.36:1
The Dow Jones closed on Friday at 26,458 up 18 points on the day but down 285 points on
the week; and the NASDAQ closed at 8,046 up 4 points on the day and up 60 points on the
week. Brent Crude rose $3.93 from $78.80 to $82.73
and US Light Crude rose $2.47 from $70.78 to $73.25
The dollar index stands at 95.13 that’s up 0.94 on the week.
Gold prices held reasonable ground last week until the FED interest rate announcement,
and Jerome Powell’s rather hawkish comments about future rises in interest rates. It then
began a descent, continued on Thursday, but bounced back quite strongly on Friday. Its
clearly attempting to reach that $1200 level again and there has been some evidence of
physical buying. Traders state that gold has to reach and hold above $1215 before they
become confident that the recent bear market has turned otherwise they envisage and envision
a tight range of around $20 with gold eventually falling towards $1150.
Silver performed better during the week than gold being generally a little more positive,
but then quite frankly almost skyrocketed 40 cents an ounce within a couple of hours.
The previous $14.50 ceiling was indeed breached and held – which many analysts see as very
bullish for silver and expect a rise up to $15 soon. There is no doubt that the $14 floor
has proven extremely resistive and there lurks a range of buyers at that level.
So, what are we all to make of this situation? Well gold has more or less performed exactly
as we predicted, and so was silver until Friday when for the first time in quite a long time,
it separated itself from gold in terms of trend. Again, we see analysts who only 2 days
ago were saying that the silver trend may now be eyeing its 2009 low of $13.49 and interestingly
this is the lowest figure that we saw silver falling to in reality. We have said time again
that we envisage possibly $13.50 silver but would struggle to see it fall much below that
and almost certainly not below $13 – though of course anything is possible.
Well those same analysts are now saying we could very well see $15 very soon and possible
rises to $18 before the year is out. Now let us all be clear that is possible. With the
dollar rising, more interest rate rises predicted and stockmarkets holding up strongly, it is
encouraging to see silver prices rise and potentially in a bullish fashion. That said
Chartists drawing Fibonacci retracement levels from August 28th high of $14.99 down to September
11th low of $13.93 we obtain a price range of $14.38 – $14.61 (38.2% to 61.8%) Fibonacci
levels – so as long as the price remains within this range then the trend may indeed
continue downwards. Now should silver continue to rise early next week then a different proposition
occurs and $15 silver is shortly on the cards. So, lets see what economic news can affect
markets this week: • Monday we have the Markit Manufacturing
PMI and the ISM Manufacturing Index for September • Tuesday – motor vehicle sales
• Wednesday Markit Services PMI and ISM Non Manufacturing index both for September
• Friday – the all important NonFarm payrolls Report for September which forecasts around
168,000 new jobs together with average earnings. In addition the Trade deficit figures and
consumer credit figures will be announced for August.
So, Friday is truly the important day for data in order to confirm or otherwise the
FED’s confidence in a growing economy, low unemployment and rising spending.
Now to conclude, Friday’s bounce did catch us a little by surprise, unless a number of
traders were squaring off their positions, but the COT report is still showing Managed
Money to have almost double the level of short contracts open compared to longs and traders
are still reticent to call an end to the bear market. At this moment in time, we feel disinclined
to change our position – that is still being bearish silver short term though of course
bullish long term, at least and until, we see additional price ceilings being surpassed.
Next week we would expect prices to fall back a little but will also be interested to see
if Fridays bullish momentum continues into and through Monday.
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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