Gold and Silver Update w/e 29th April 2016 - by illuminati silver
Today is Sunday 1st May 2016 and we are providing our gold and silver update for week ending 29th April.
Gold rose in US dollar terms last week by $66 from $1227 to $1293 an oz, rising continuously from its starting level and completing the week at its high. In sterling terms gold rose by £33 and in Euro’s it rose by 36 Euros.
Silver rose by 89 cents from $16.96 to $17.85, having reached a high of $17.89 and a momentary low of $16.25. In sterling terms it rose 44 pence, and in Euros it rose by 0.49 Euros. The Gold to Silver Ratio rose from 72.35:1 to 72.44:1
The Dow Jones closed on Friday at 17,773 down 57 points on the day and down 230 points on the week, and the NASDAQ closed at 4,775 down 30 for the day and down 131 points on the week.
Brent Crude was up 80 cents at $45.92 and US Light Crude was up $3.64 at $47.37. The dollar index stands at 93.08 that’s down 2.04 on the week.
We have said in earlier reports that should silver rise above $17.50 and gold hit the $1300 level, then this should be seen as a continuation of the bull trend. Silver has indeed done this and gold is so close to the $1300 level, it may indeed surpass it this week.
The dollar decline has moved further than we anticipated, especially bearing in mind the negative interest rates which the rest of the World are dabbling with, and this has also had a profound impact on gold and silver prices last week.
The short term trend remains bullish and paper traders are indeed likely to push prices higher short term. With turbulence in currency markets, Trump likely to win the Republican nomination, thereby likely to spook markets further, the FED content to allow the dollar to fall by maintaining its dovish comments our view is to buy on dips and there may indeed be some mileage left for both gold and silver to rise.
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