http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver weekly Update – w/e 2nd February 2018
Today is Sunday 4th February 2018 and we are providing our gold and silver weekly update for the week ending 2nd February 2018.
Gold fell $18 from $1,351 to $1,333 having hit a high of $1,351 and a low of $1,328. In sterling terms gold finished the week at £944 that’s down £10, and in Euros it closed at 1,070 Euros that’s down 17 Euros on the week.
Silver fell 82 cents from $17.42 to $16.60 having hit a high of $17.46 and a low of $16.57. In sterling terms it closed at £11.76 that’s down 54 pence and in Euros it closed at 13.33 euros that’s down 0.69 euros.
The Gold to Silver Ratio rose substantially from 77.55:1 to 80.30:1
The Dow Jones closed on Friday at 25,520 down 665 points on the day and down 1096 points on the week, and the NASDAQ closed at 7,240 down 144 points on the day and down 265 points on the week.
Brent Crude fell $1.94 from $70.52 to $68.58 and US Light Crude fell 69 cents from $66.14 to $65.45
The dollar index stands at 89.19 that’s up 0.13 on the week.
Last week, as we stated in our previous report, revealed a number of influences which could have, and in fact did, affect gold and silver prices. Gold prices were volatile, falling and rising at least 4 significant times during the week. Overall a mixture of a hawkish FED announcement on Wednesday, possibly suggesting 4 interest rate hikes in 2018 certainly took its toll. A strengthening dollar and higher 10 year Treasury notes and 30 year Treasury Bond yields had a downward impact on gold. The significant fall in the Dow limited gold’s sharp decline on Friday after extremely positive Non-farm payroll figures for January of 200,000 new jobs, up from the anticipated 180,000, suggested higher interest rates afoot.
Technical analysts are suggesting that should gold prices fall below $1,329 then they may trend down toward $1,306 and if they fall below that we may very well see gold around $1250. Alternatively they suggest that should gold breach $1349 then it will meet the next resistance point at $1354 and any upward move from there will suggest an upward trend which could indeed surpass $1400.
Silver generally has moved more or less in line with gold with the economic data on Friday significantly affecting its price. Silver has once again declined relative to gold providing a GSR just above 80. We all know that in comparison with one another, above 80 tends to suggest a revaluation in silver’s favour in the near future. That said, should stock markets rise while the US dollar strengthens this week, both of which are likely, then we see further downward pressure on both gold and silver prices. However, should investors panic and pull out more funds from the equity markets then of course both gold and silver will be beneficiaries of such a move.
We believe that 2018 will be a turning point for gold and silver prices, especially later in the year. Meanwhile, we have to try and ascertain as to whether now is the time to buy or should we wait a little longer. Our position has been constant. If you are underweight in your physical gold and silver portfolio then buy regularly, especially during price falls but don’t go ‘all in at once’. For the past 3 years we have said, there is not going to be an explosion in gold and silver prices for a number of years and so far we have been right. Volatility absolutely, but no serious significant move, and there have been a number of economic and political factors which could have influenced prices considerably during these times.
We still believe there is time for accumulation without rashness but we also see much turmoil later in the year and as the decade ends. We shall cover more of this in our annual forecast which is coming out this week
Please view our latest videos:
Gold and Silver weekly Update – w/e 26th January 2018
https://youtu.be/NjmiQVMzl28Gold and Silver weekly Update – w/e 19th January 2018
https://youtu.be/dL5xRTUsUxcGold and Silver weekly Update – w/e 12th January 2018
https://youtu.be/eTtTiV3DdX0Gold and Silver weekly Update – w/e 5th January 2018
https://youtu.be/qhqCXruukyEGold and Silver weekly Update – w/e 29th December 2017
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