http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver Update w/e 11th Nov 2016
Today is Saturday 12th November 2016 and we are providing our gold and silver weekly update for the week ending 11th November.
Gold fell in US dollar terms last week by $81 from $1304 to $1223, having hit a high of $1336 and a low of $1221. In sterling terms gold finished the week at £970 that’s down £71, and in Euros it closed at 1127 Euros that’s down 45 Euros on the week.
Silver fell $1.18 from $18.43 to $17.25 having reached a high of $19.01 and a low of $17.22. In sterling terms it closed at £13.68 that’s down £1.04 for the week and in Euros it closed at 15.91 euros that’s down 0.66 Euros.
The Gold to Silver Ratio rose slightly from 70.75:1 to 70.90:1
The Dow Jones closed on Friday at 18,847 up 39 points on the day and up 959 points on the week, and the NASDAQ closed at 5237 up 28 points on the day and up 191 points on the week.
Brent Crude was down $0.83 at $44.75 and US Light Crude was down $0.66 cents at $43.41.
The dollar index stands at 99.06 that’s up 1.87 on the week.
Gold markets were mainly down last week until Wednesday morning UK time when they peaked some $20 from the start of the week and then consistently fell back with a significant fall on Friday.
From a technical point of view the very negative candle which formed signifies that perhaps the attitude of the market has changed, and at this point markets are going to try to reach down to the $1200 handle. This is an area that has a lot of support and we believe that the dollar performance will have the main effect as to what happens from there.
Silver initially dipped and then rose, peaking some 58 cents above the previous week’s close and then remaining quite sturdy until its significant fall on Friday.
Our video last week correctly stated that if Trump wins, gold will push well through the $1300 and quite possibly get close to $1400 and silver through the $19 level possibly rising to $20. We also said that If Hillary wins gold would fall back to the $1200 level and silver back into $17 territory.
Interestingly, on the election announcement, gold and silver did move in the direction predicted and quite close to our envisaged highs, then only to fall back to levels as we predicted for a Clinton win. This was unexpected, as was Trump’s rather meek and mild Victory speech, which settled equity and currency market concerns, causing both a significant rise in stock market indices and the value of the dollar.
The markets seem to like Trump’s plan on reducing personal and corporate taxes, and reducing legislative burdens on business. Something we observed and perhaps should have made more of is the number of City establishment figures Trump was beginning to surround himself with, suggesting that perhaps the markets had no reason to be spooked by his victory.
How long this euphoria will last no-one truly knows, however the value of the dollar currently is surging and will have a significant impact on precious metal prices, which we suspect have a little further to fall. So to those who felt gold was going to jump to $2000 and silver to $50 we have repeatedly said it’s not going to happen for some time yet.
What we can say is that traditionally we are entering the weaker period for gold and silver prices and it is quite possible that any further falls can one day be looked upon as yet another opportunity for those of us who believe in precious metals long term to make additional purchases at cheap prices.
Please view our latest videos:
Can a Trump and Putin relationship resolve US & Russia Differences?
https://youtu.be/oCiuYYb5DIIStock Markets Recover and Gold Prices fall back after a Trump Victory – why?
https://youtu.be/A-Sg6J-QvuwCould Ivanka Trump become the First US Female President?
https://youtu.be/hkxcx3L8WBsClinton Concedes – Markets Down, Dollar Down, Gold and Silver Up
https://youtu.be/ewrTPCKRxVQBanks uncertain whether it’s President Clinton or President Trump
https://youtu.be/ti1jzESBdVQWARNING - India scraps 500 and 1,000 rupee bank notes overnight
https://youtu.be/XQtd8cqrOIYWho will win the 2016 Presidential Election? – Polls, Bookmakers and Markets.
https://youtu.be/11A9CZFL6isStarbucks sees China as its Future
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