http://illuminatisilver.comSilver and Gold Price Plunge – an Explanation
https://youtu.be/3gkbNE_mJ5ASilver and Gold prices Plunge below $15 and $1200
https://youtu.be/h7q4n1jgUBYGold and Silver weekly Update – w/e 17th August 2018
Today is Saturday 18th August 2018 and we are providing our gold and silver weekly update for the week ending 17th August.
Gold fell $27 last week from to $1,211 to $1,184 having hit a high of $1,213 and a low of $1,161. In sterling terms gold finished the week down £19 at £929 and in Euros it closed at 1,035 Euros down 26 euros on the week.
Silver fell 51 cents from $15.31 to $14.80 having hit a high of $15.35 and a low of $14.37. In sterling terms, it closed at £11.61 that’s down 38 pence and in Euros it closed at 12.94 euros that’s down 0.48 euros on the week.
The Gold to Silver Ratio rose from 79.1:1 to 80:1 again another consecutive increase.
The Dow Jones closed on Friday at 25,669 up 110 points on the day and up 356 points on the week; and the NASDAQ closed at 7,816 up 10 points on the day but down 23 points on the week.
Brent Crude fell 98 cents from $72.81 to $71.83 and US Light Crude fell $1.93 from $67.63 to $65.69
The dollar index stands at 96.10 that’s down 0.25 on the week.
Wow did last week prove exciting? Gold practically fell almost from the beginning, to its lowest level on Thursday at $1,161 and managed to recover a little ground late Thursday and on Friday.
Trading opinion seems to reflect that a number of short positions were closed on Friday to avoid exposure moving into the weekend. Short term, as we have persistently remarked – its all about the dollar. The dollar softened slightly towards the end of last week, thereby giving precious metals a slight impetus and a road to recovering a small amount of their losses – but let’s not be sanguine about this – anything that adds strength to the dollar will short term be negative for gold and silver prices.
From a technical point of view, traders were taken aback by how easily gold fell below the $1200 level which had until now provided quite a resistive floor, and the general consensus is, and this is from a trading point of view, not a stacking point of view, that traders may use any rise near to $1200 as an opportunity to ‘short gold’ – which reveals currently their expectations in the short term.
Silver again followed gold’s path and we are sorry for continuing to repeat this, but at the moment gold is the leader and silver the follower. It sliced through the $15 level with ease, reaching its low at $14.35 on Thursday recovering a little again Thursday afternoon and Friday.
Whereas we suspect silver may meander between $14.50 - $15 as the dollar softens, if there is any geopolitical news which may cause it to rise again, we could well see silver drop again towards $14 and possibly just below. We have stated this for quite a few months, but we are also of the opinion that silver trading in the $13 range is likely to attract a considerable number of buyers but again short term the US Dollar rules.
So what is likely to affect prices this coming week? Well
• Monday and Tuesday are pretty quiet periods as far as official reports are concerned.
• On Wednesday we have the FOMC minutes supporting the FED meeting on 31st July and 1st August – and this should provide an insight into how close the next interest rate rise is likely to be.
• On Thursday we have New Home Sales for July and flash Markit Manufacturing and Services PMI for August
• Friday durable goods orders and capital goods orders for July.
For those actually interested in banking and what the FED Chairman has to say will be delighted to know (OK a touch of hyperbole here) that Federal Reserve Chairman Jerome Powell is scheduled to speak next Friday, August 24th, at the annual global central bank conference in Jackson Hole, Wyoming. He will speak on monetary policy in a changing economy at the start of the two-day conference, according to the notice from the Fed. Fed chairs in the past have used speeches at the Kansas Fed-sponsored conference to signal future U.S. central bank policy moves.
So, what will happen to gold and silver prices this week? Frankly we do not know as it could go in either direction. There is the prospect for a small improvement, but International developments will have an impact on the dollar in either direction. What we do believe is that there may be a short period of gestation whereby the market gets used to sub $1200 gold and sub $15 silver for a few days or perhaps a week, and then we should see movement, in our opinion downwards slightly once again. However, please take note, that it was the FED’s intention to raise interest rates again in September, but if the dollar increases its strength from its current level, it will be difficult for the FED to do that and this may be the start of a gold and silver prices recovery. We shall have a better picture once this coming week is over.
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