http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver weekly Update – w/e 1st September 2017
Today is Sunday 3rd September 2017 and we are providing our gold and silver weekly update for the week ending 1st September.
Gold rose $33 from $1,291 to $1,324 having hit a high of $1,327 and a low of $1,291. In sterling terms gold finished the week at £1,023 that’s up £20, and in Euros it closed at 1,117 Euros that’s up 34 Euros on the week.
Silver rose 66 cents from $17.07 - $17.73 having hit a high of $17.74 and a low of $17.05. In sterling terms it closed at £13.69 that’s up 44 pence for the week and in Euros it closed at 14.95 euros that’s up 0.64 euros.
The Gold to Silver Ratio fell from 75.62:1 to 74.67:1
The Dow Jones closed on Friday at 21,987 up 39 points on the day and up 174 points on the week, and the NASDAQ closed at 6,435 up 6 points on the day and up 170 points on the week.
Brent Crude rose 34 cents from $52.41 to $52.75 and US Light Crude fell 58 cents from $47.87 to $47.29
The dollar index stands at 92.81 that’s up 0.07 on the week.
Last week saw gold prices rise quite significantly resulting in a 6% rise over the past 3 weeks. Frankly its mainly about North Korea and escalating tensions and its this that we cautioned about – but had hoped that common sense would dominate and the North Korean President would stay quiet. This has proven not to be the case, with even further comments over the weekend about them having even more powerful nuclear capability – it is beyond us how such lunatics seem to ascend to power and the world does nothing or so little until it becomes too late. Whilst many advocate that the USA should not involve itself in regime change, sometimes unfortunately it is absolutely necessary and North Korea may be such a case in point – though they are so strongly backed by the Chinese it is so difficult to calculate how any form of incursion can take place without significant repercussions.
Gold is now standing at that crucial point. There is significant resistance at $1330 but if this level is breached for more than 2 days then $1400 is on the cards – though we suspect and anticipate some correction. The dollar weakness is causing some of the European Countries to worry about their own exports and we may indeed see some movement to help arrange a dollar correction to the upside.
The disappointing jobs report on Friday suggests that there may not be another interest rate rise this year and this could cause dollar prices to fall further and precious metal prices to rise, at least in dollar terms, but all of our calculations suggest a reversal of the past 3 weeks and a few declines lie ahead for precious metals and a rise in the dollar index but perhaps not immediately.
So we are expecting a further rise in gold prices initially and then a fall back – however we have to admit if North Korea continues on this track of continual provocation, then quite frankly gold could rise significantly.
There is little to say about silver as it is mirroring gold yet again. However with it breaking through the $17.50 level and straight up to $17.70 the $18 level is a realistic target if further political tensions ensue. In our mind its much higher than it should be - but who said that normal supply and demand conditions are logical – it is fear money which is moving into precious metals at the moment and whilst that fear is fed, then so will the dollars be. That said, a reversal is on the cards but it may be a couple of days before we see it.
Please view our latest videos:
Gold and Silver weekly Update – w/e 25th August 2017
https://youtu.be/X354VBI2MjUGold and Silver weekly Update – w/e 18th August 2017
https://youtu.be/ice-Iz2uODwGold Hits $1300 – Bannon is Out – Is Trump Next?
https://youtu.be/xK0_RopCUnMGold and Silver weekly Update – w/e 11th August 2017
https://youtu.be/X4nOEHWcjlMTrumps Threats cause Gold and Silver prices to rise - interview with Greg
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