http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver weekly Update – w/e 20th October 2017
Today is Sunday 22nd October 2017 and we are providing our gold and silver weekly update for the week ending 20th October.
Gold fell $24 last week from $1,304 to $1,280 having hit a high of $1,306 and a low of $1,277 more or less reversing the previous week’s gains. In sterling terms gold finished the week at £971 that’s down £11, and in Euros it closed at 1,087 Euros that’s down 16 Euros on the week.
Silver fell 36 cents from $17.40 to $17.04 having hit a high of $17.46 and a low of $16.91. In sterling terms it closed at £12.92 that’s down 18 pence for the week and in Euros it closed at 14.46 euros that’s down 0.26 euros.
The Gold to Silver Ratio rose from 74.94:1 to 75.11:1
The Dow Jones closed on Friday at 23,328 up 165 points on the day and up 457 points on the week, and the NASDAQ closed at 6629 up 24 points on the day and up 24 points on the week.
Brent Crude rose 58 cents from $57.17 to $57.75 and US Light Crude rose 39 cents from $51.45 to $51.84.
The dollar index stands at 93.70 that’s up 0.61 on the week.
Last week saw an almost exact reversal of fortunes for gold and silver compared with the previous one. Stocks were underpinned by the news that the Senate approved a budget blueprint which essentially paves the way for tax cuts which could further extend the rally. This means that gold and silver become less attractive compared with stocks for the moment at least. The strengthening dollar also weighed on gold prices.
We have always said that should President Trump survive and manage to push through his tax cutting budget, then we should see the Dow Index beat the 25,000 level and gold fall to $1200 or slightly below - though many analysts believe that the main range for gold in the coming weeks is $1211 - $1362 – which frankly we don’t disagree with particularly save perhaps $20 - $30 either way.
Silver markets fell on Friday, primarily again because of interest rate concerns and the strengthening dollar and stock markets.
There is nothing at the moment to differentiate silver trending any differently to gold. There has been no major industrial innovation, no major discovery and no major mining collapse to fundamentally affect this market. This means that we should see silver continue to move in the same direction of gold for the coming weeks if not months and although there appears to be strong support at or near the $16.50 level, we can see silver falling closer to $16 once the tax cuts have been fully announced.
That said, it’s important for our subscribers and listeners to at least take note that although we are short term pessimistic on prices, it’s only a matter of around 10% of current prices at most and more likely closer to 5% that we see as downside during 2017. In other words, gold no lower than $1150 and silver no lower than $15.25 thereby maintain a GSR of around 75:1. Of course the upside we envisage to be similar though the proverbial black swan could of course cause prices to overshoot recent highs – with North Korea and the Russian Collusion investigation possibly having the greater known influences in the short term.
Please view our latest videos:
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