Welcome to illuminati silver, we tell you
the truth about silver. Today is Saturday 5th May 2018 and we are
providing our gold and silver weekly update for the week ending 4th May.
Gold fell $7 last week from $1,322 to $1,315 having hit a high of $1,324 and a low of $1,302.
In sterling terms gold finished the week at £971 that’s up £12, and in Euros it closed
at 1,099 Euros that’s up 9 Euros on the week.
Silver fell 1 cent from $16.53 to $16.52 having hit a high of $16.57 and a low of $16.07.
In sterling terms it closed at £12.21 that’s up 22 pence and in Euros it closed at 13.81
euros that’s up 0.18 euros. The Gold to Silver Ratio fell from 79.97:1
to 79.60:1 The Dow Jones closed on Friday at 24,262 up
332 points on the day and down 49 points on the week; and the NASDAQ closed at 7,209 up
121 points on the day and up 90 points on the week.
Brent Crude rose 23 cents from $74.64 to $74.87 and US Light Crude rose $1.62 from $68.10
to $69.72 The dollar index stands at 92.56 that’s
up 1.02 on the week. In our last video we quoted it was likely
that we would see the gold price under further pressure. Well gold was indeed under pressure
and very nearly dipped into $1200 territory. Yes, there is quite a strong floor at $1300
and resistive ceiling at $1350 and gold may indeed vacillate between these two. However,
should rates rise in June, we can indeed see gold falling below $1300, and in fact if political
tensions ease, as they apparently appear to be, we may very well see $1275 and even $1250
gold before this month is out, especially if the dollar continues to strengthen as its
has over the past 2 weeks. We have a similar view for silver. A strong
floor at $16 and a resistive ceiling at $17.50. However, like gold, we see silver weakening
in coming weeks, especially as political tensions ease, good economic news continues and an
increasing likelihood of higher rates in June looming. Then we could expect to see silver
fall to around $15.50. It may not be this week or next week, but we certainly expect
weakening before May is out. For those listeners who feel that we are unnecessarily
bearish on gold and silver, one only has to look at the weakening physical demand. This
has, to some extent been replaced by increasing Industrial demand, and may do so for a while
yet. However we believe that the next 2 months will be bearish, however things may indeed
change somewhat as we approach the US mid term elections later this year.
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can be found at facebook.com/illuminatisilver 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.