http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver weekly Update – w/e 2nd March 2018
Today is Saturday 3rd March 2018 and we are providing our gold and silver weekly update for the week ending 2nd March.
Gold fell $7 last week from $1,329 to $1,322 having hit a high of $1,340 and a low of $1,303. In sterling terms gold finished the week at £958 that’s up £8, and in Euros it closed at 1,073 Euros that’s down 7 Euros on the week.
Silver fell 3 cents from $16.54 to $16.51 having hit a high of $16.77 and a low of $16.19. In sterling terms it closed at £11.96 that’s up 12 pence and in Euros it closed at 13.40 euros that’s down 0.04 euros.
The Gold to Silver Ratio fell from 80.35:1 to 80.07:1
The Dow Jones closed on Friday at 24,538 down 70 points on the day and down 771 points on the week, and the NASDAQ closed at 7,257 up 77 points on the day but down 80 points on the week.
Brent Crude fell $2.94 from $67.31 to $64.37 and US Light Crude fell $2.30 from $63.55 to $61.25
The dollar index stands at 89.93 that’s up 0.05 on the week.
Gold markets last week were heading towards the $1300 level as we forecast but the announcement by President Trump about levying import taxes on steel and aluminium meant that stock markets went into reverse and gold and silver prices recovered their losses.
The dollar has managed to remain firm especially with the New FED Chair implying that up to 4 interest rate rises this year were on track. Nevertheless, the apparent confusion caused by President Trump’s economic policy and the departures from his office, together with Mueller getting ‘ever closer’, will ensure that market uncertainty will be with us for some time which is serving to hold up gold prices against what we believe should be a short term down trend.
Unless these tax levies are reversed or not implemented, we could very well see retaliation and if this occurs then gold and silver prices will rise in the coming weeks. This week will be quite indicative of where President Trump intends to lead economic policy – protectionist or free market.
Silver has again more or less followed gold and both metals are moving in relatively close union especially bearing in mind the very small changes in the GSR over the past 3 or 4 weeks. A trade war could actually be harmful to silver on the industrial side short term, but positive on the investment side as a hedge, notwithstanding this we still maintain that there is huge resistance at the $18 and we are still some way off that at the moment.
Please view our latest videos:
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