http://illuminatisilver.comSilver and Gold prices plunge below $15 and $1200
Gold and Silver weekly Update – w/e 10th August 2018
https://youtu.be/r3HJRviJYmcWhat will happen to Silver Prices by the end of 2018 (Part 1 of 2)
https://youtu.be/6DN-0Jbrhv8What will happen to Silver Prices by the end of 2018 (Part 2 of 2)
https://youtu.be/d52YYGijGQsWhat will happen to gold prices by end of 2018 (part 1)
https://youtu.be/i0uAErkb7Q0What will happen to gold prices by end of 2018 (Part 2)
https://youtu.be/catG9BGZoy8Today is Wednesday 15th August 2018 and we are commenting on the recent and important price plunge of gold and silver this week.
Gold opened the week at $1,211, rose $2 for a brief moment and then plunged to $1,192 yesterday and has fallen even further this morning to its current price of $1187. Silver began the week at $15.31 rose 3 cents and like gold plunged yesterday to $14.99 and has fallen again further this morning to its current $14.89 an ounce.
We could literally see the panic the gold and silver pumpers went through, when on Monday and Yesterday there were a plethora of videos stating this is just temporary; ‘gold and silver are about to bounce back with avengance.’
Now for months, yes months we have said that gold will fall below $1200 and silver below $15 and we took quite a lot of scorn for this, especially as many pundits were claiming $1300 and then $1400 for gold was next on the cards and $17 then $18 silver would follow suit quickly.
Incidentally, The Gold to Silver Ratio rose from 79.10:1 at the close of last week to its current ratio of 79.71:1
The Dow Jones is down slightly compared with Friday’s close and the Nasdaq is up slightly compared with Friday’s close. Brent crude is down just over 70 cents and US Light Crude just over a $1 since Friday’s close. But the most revealing statistic of all is that the dollar index is up again from 96.35 on Friday to 96.74 today and there is still every indication that it may strengthen even further.
Now the question clearly everyone is asking is where are prices likely to go from here? Well we are in that territory now where technical analysts believe that gold, should it fall below $1184, then we can see a fall to $1166 and then $1162 – these are the resistance levels last experienced in December 2016. Some are also predicting levels as low as $1140. So, direction now depends upon where gold rests during the next couple of days. If it consistently closes below $1200 then $1162 is on the cards, if it manages to close above it then $1210 is the most likely immediate upside figure.
On the silver front, technical analysts seem to be providing a wider gap potential. Many believe that $15 is a true resistance level and any move below that will rapidly correct itself. Others on the other hand believe that we may indeed see prices crash below $14.50 and resonate around $14 which they conclude has almost impenetrable resistance.
Well there is no doubt that the uncertainty in Turkey and fear of some contagion has led funds to move into the US dollar and therefore the major reason for gold and silver’s weakness at the moment. How long can this continue? We believe for a while yet and our inclination is that whilst we may see a small rebound in gold and silver prices from current levels, they will be short lived, and the downward trend is likely to continue. This of course is excellent news for those buying physical and creates a great opportunity, though we are still waiting a while longer before we re-enter the buying phase – prices still aren’t quite low enough for us.
For the conspiracy theorists and supporters of Alex Jones, perhaps you should know that even twitter has banned him this morning – albeit for just a week – his tweets are available in read only format but he cannot post any for the next 7 days. Whilst we believe him to be a lunatic, we do feel that all of the social media outlets are going to create a rod for their own back in these bans, as we cannot see how they will ever have enough staff to regulate their platforms properly – which means that ‘overkill’ is likely and that there are and may be many people having their accounts closed down who perhaps shouldn’t. Of course, if only UK or European law applied, then almost nothing could be said without absolute verifiable proof – so those who criticise the lack of Free Speech in America should feel grateful that they do not live in the UK or Europe.
Please view our latest videos:
Gold and Silver weekly Update – w/e 10th August 2018
https://youtu.be/r3HJRviJYmcWhat will happen to Silver Prices by the end of 2018 (Part 1 of 2)
https://youtu.be/6DN-0Jbrhv8What will happen to Silver Prices by the end of 2018 (Part 2 of 2)
https://youtu.be/d52YYGijGQsWhat will happen to gold prices by end of 2018 (part 1)
https://youtu.be/i0uAErkb7Q0What will happen to gold prices by end of 2018 (Part 2)
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