Welcome to illuminati silver, we tell you
the truth about silver. Today is Sunday 27th August 2017 and we are
providing our gold and silver weekly update for the week ending 25th August.
Gold rose $6 from $1,285 to $1,291 having hit a high of $1,293 and a low of $1,281.
In sterling terms gold finished the week at £1,002 that’s up £4, and in Euros it closed
at 1,082 Euros that’s down 10 Euros on the week.
Silver rose 9 cents from $16.98 to $17.07 having hit a high of $17.15 and a low of $16.85.
In sterling terms it closed at £13.25 that’s up 5 pence for the week and in Euros it closed
at 14.31 euros that’s down 0.13 euros. The Gold to Silver Ratio remained unchanged
at 75.62:1 The Dow Jones closed on Friday at 21,813 up
30 points on the day and up 139 points on the week, and the NASDAQ closed at 6,265 down
5 points on the day and up 49 points on the week.
Brent Crude fell 31cents from $52.72 to $52.41 and US Light Crude fell 64 cents from $48.51
to $47.87 The dollar index stands at 92.74 that’s
down 0.69 on the week. Gold markets initially fell during the week
but found support near the $1275 level causing it to rise again towards $1300 a level which
it is finding very resistive Technical analysts are of the opinion that
should prices fall below $1275 then they will head further lower towards $1240 and then
again towards the $1225 level; equally, if they close overnight above $1300 then $1340
is on the cards quite quickly. What is clear to us, political issues apart;
such as North Korea, Mueller and Afghanistan the strength of the dollar is having the most
impact – or should we say weakness of the dollar, which traded lower again and is approaching
the lowest levels since May 2016 Janet Yellen’s speech at Jackson Hole on
Friday has led analysts to believe that the dollar may yet fall further and this weakness
will underpin gold prices. The concern however, is that bearing in mind this weakness, coupled
with political uncertainty it is disappointing that gold prices haven’t risen further,
and suggests to us, that its short term rise is by no means certain and any that does occur
is likely to be tempered. Silver markets once again more or less fall
in line with gold. Trading ostensibly between $16.50 – $17.50 where support and resistance
levels are respectively placed. Save a major political incident we see little change though
once again further dollar weakness may support prices that little further.
This coming week we have 3 main data declarations – namely:
August 2017 – Bureau of Labor Statistics US Gross Domestic Product, Q2 2017
August’s Manufacturing Purchasing Managers Index.
So we are not expecting any great shakes while the holiday period is concluded. Political
events and dollar weakness may cause prices to rise, while rising stock markets, and the
lowering of concerns over North Korea may cause precious metal prices to fall. Either
way, short of a black swan event, we believe that prices are more or less range bound.
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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.