http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver weekly Update – w/e 26th January 2018
Today is Sunday 28th January 2018 and we are providing our gold and silver weekly update for the week ending 26th January.
Gold rose $20 from $1,331 to $1,351 having hit a high of $1,365 and a low of $1,329. In sterling terms gold finished the week at £954 that’s down £7, and in Euros it closed at 1,087 Euros that’s down 2 Euros on the week.
Silver rose 39 cents from $17.03 to $17.42 having hit a high of $17.69 and a low of $16.79. In sterling terms it closed at £12.30 that’s up 1 pence and in Euros it closed at 14.02 euros that’s up 0.08 euros.
The Gold to Silver Ratio fell from 78.16:1 to 77.55:1
The Dow Jones closed on Friday at 26,616 up 223 points on the day and up 545 points on the week, and the NASDAQ closed at 7,505 up 94 points on the day and up 169 points on the week.
Brent Crude rose $1.91 up from $68.61 to $70.52 and US Light Crude rose $2.77 from $63.37 to $66.14
The dollar index stands at 89.06 that’s down a significant 1.51 on the week.
Well last week revealed the secret to the rise in gold and silver in US dollar terms. The US Government hinted at adopting a policy of a lower dollar in order to increase trade and thereby temporarily at least increase GDP. Treasury Secretary Steve Mnuchin stated on Wednesday that a low dollar was good for trade and this sent its price into freefall, reaching its lowest level for 3 years. President Trump stating that he backed a strong dollar corrected this a little but it’s clear to us that the next few months will be all about a lower dollar, increased trade and higher stock markets – all set up in order to help the Republicans at the elections later this year.
A 27,000 Dow index will certainly in our view be surpassed and we would not be surprised to see an attempt at reaching 28,000. Gold and silver prices will rise in dollar terms but are likely to remain steady or even fall a little in sterling and Euro terms as the US dollar falls against competing currencies. All of this will have ramifications; however they will be encountered further down the road.
This week will provide the strongest signals yet as to where gold and silver prices are headed:
The President’s State of the Union address on Tuesday will see President Trump talk about the positives in the economy possibly triggering a recovery in the dollar, at least over the very short-run. This will be bearish for gold. However on 31st January the Fed will issue its monetary policy statement and the central bank is not expected to raise interest rates thereby proving positive for gold. Traders will be looking for the Fed’s assessment of the economy, inflation and its outlook for future rate hikes.
Finally on Friday the U.S. Non-Farm Payrolls report is to be announced. Predictions by economists expect to show the economy adding 184K jobs in January, up from 148K in December. Average Hourly Earnings are expected to increase 0.3% and the Unemployment Rate is expected to remain at 4.1%.
By then we shall all gain quite a clear picture as to the Government’s intent, and the likely effect on the value of the dollar. We have been stating for months now, there is no fundamental reason for gold and silver prices to either rise or fall dramatically in the short term. It’s primarily a dollar play or a black swan event such as a military incursion.
Our Annual Gold and Silver Forecast which we planned to publish just over a week ago has been delayed as we feared the Government were heading for a lower dollar policy and after this week, we shall have a degree of clarity and will therefore publish our views for 2018 early next week.
Meanwhile we believe that gold and silver prices for the next couple of weeks have an approximate range well within 10% on either side – volatility will occur while traders try and second guess both the FED’s and the White House policies, that said, we foresee major change towards the end of the year which we shall be announcing next week in our 2018 Gold and Silver forecast.
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