Gold and Silver Update w/e 3rd June 2016 - by illuminati silver
Today is Sunday 5th June 2016 and we are providing our gold and silver update for the week ending 3rd June.
Gold rose in US dollar terms last week by $32 from $1212 to $1244 an oz. having hit a low of $1200 and closing at its week high. In sterling terms gold rose by £28 and in Euro’s it rose by nearly 4 Euros
Silver rose by 18 cents from $16.23 to $16.41 having reached a high of $16.45 and a low of $15.88. In sterling terms it rose by 20 pence, and in Euros it fell by 0.16 Euros. The Gold to Silver Ratio rose from 74.7:1 to 75.8:1
The Dow Jones closed on Friday at 17,807 down 31 points on the day and down 66 points on the week, and the NASDAQ closed at 4942 down 28 for the day but up 9 points on the week. Brent Crude was up 32 cents at $49.64 and US Light Crude was down 71 cents at $48.62. The dollar index stands at 94.03 that’s down 1.49 on the week.
Gold soared on Friday after the disappointing US jobs report. US nonfarm payroll numbers of 38,000 new jobs added during the month of May was well below expectations - in fact it was the lowest figure in six years, and far below the 160,000 anticipated. Meanwhile, earnings growth remained weak, rising just 0.2% on last month, down from 0.4 % in April. Year-on-year, the figure remained flat at 2.5%.
Silver markets fell during the early part of the week but rose considerably on Friday as a result of the jobs report and consequential weakening dollar. Technical analysts have pointed out that silver found support at the $16 level, at which point it had formed a hammer and may now turn back and head towards the $18 level. As with gold, we believe this coming week will provide us with a good indication of how the markets will treat this appalling jobs news, and for certain there will not be an interest rate increase in June and also very unlikely to be one in July.
This week is quite pivotal in Dollar terms and the next 3 weeks also critical in sterling and euro terms as the Brexit Vote takes place. We are neither physical buyers nor sellers at these levels, but do believe there could be some very useful technical trading profits to be had as there is no doubt that markets will become quite volatile.
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