Gold and Silver Update w/e 8th April 2016 - by illuminati silver
Today is Saturday 9nd April 2016 and we are providing our gold and silver update for week ending 8th April.
Gold rose in US dollar terms last week by $18 from $1222 to $1240 an oz, having been as high as $1242 and as low as $1213. In sterling terms gold rose by £19 and in Euro’s it rose by 15 Euros.
Silver rose by 31 cents from $15.05 - $15.36 more or less ending at its week’s high and having reached a low of $14.90. In sterling terms it rose 30 pence, and in Euros it rose by 0.26 Euros. The Gold to Silver Ratio fell slightly from to 81.2:1 to 80.73:1
The Dow Jones closed on Friday at 17,576 up 35 points on the day but down 216 points on the week, and the NASDAQ closed at 4,850 up 2 for the day and down 64 points on the week. Brent Crude was up a little over $3 at $41.94 and US Light Crude was up almost $3 at $39.72. The dollar index stands at 94.23 that’s down 0.39 on the week.
Our view on gold is that it is still receiving safe haven demand and is to some extent buoying the other precious metals. Silver, though still underperforming gold for the year is holding up quite well, and whilst we do not foresee any dramatic rise in price we also do not foresee any dramatic fall until the FED’s interest rate policy becomes clearer – so we are changing our view slightly for the next few weeks from bearish to pretty much more of the same.
This therefore supports our mantra from the past couple of
months which states; that should you be underweight in metals in your portfolio, then you should at least consider purchasing on dips. If you are not underweight, then there may be better times ahead to make additional purchases. The same applies to silver. For those who are living in countries other than the US which are adopting negative interest rates and feel that rates may go even lower, should bear in mind that the acquiring of gold and silver should be considered as a hedge.
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