http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver weekly Update – w/e 8th September 2017
Today is Sunday 10th September 2017 and we are providing our gold and silver weekly update for the week ending 8th September.
Gold rose $22 from $1,324 to $1,346 having hit a high of $1,356 and a low of $1,324. In sterling terms gold finished the week at £1,020 that’s down £2, and in Euros it closed at 1,118 Euros that’s up 1 Euro on the week.
Silver rose 24 cents from $17.73 to $17.97 having hit a high of $18.21 and a low of $17.73. In sterling terms it closed at £13.62 that’s down 7 pence for the week and in Euros it closed at 14.93 euros that’s down 0.02 euros.
The Gold to Silver Ratio rose a little from 74.67:1 to 74.90:1
The Dow Jones closed on Friday at 21,797 up 13 points on the day but down 190 points on the week, and the NASDAQ closed at 6,360 down 37 points on the day and down 75 points on the week.
Brent Crude rose $1.03 cents from $52.75 to $53.78 and US Light Crude rose 19 cents from $47.29 to $47.48
The dollar index stands at 91.35 that’s down 1.46 on the week.
As predicted last week, gold rose at the start of the week and then fell back again on Friday, albeit a little later than we thought. Tensions with North Korea continue, the carnage caused by 2 major hurricanes have still to be fully counted and the dollar falling in consequence, we are slightly surprised that gold and silver did not maintain their peaks – with so much uncertainty around.
President Trump dealing with the Democrats on a 3 month extension on the debt ceiling certainly helped temporarily, though this may lead him into a difficult political situation towards the end of the year.
This week there is quite a lot of economic news to be digested including, Producer and Consumer Prices Reports, Retail Sales and weekly Unemployment Claims.
There is so much happening at present, and little of it positive, not to mention Donald Trump Junior again giving evidence with the possibility of having to do so publicly in front of the Judiciary Committee, will all serve to undermine the Presidency and its plans and therefore be disadvantageous to the equity markets and positive for gold.
Once again silver has followed gold’s lead and this is not surprising. There is resistance at the $18 level but technical analysts believe that $18.50 is the key. If silver rises above this, they believe it will be the start of a run upwards towards $20, if however it fails to reach this level, they believe silver may be exhausted and will fall back into the early $17’s.
Our view is quite frankly that we shall see a vacillation between $17.50 - $18.50 this week but prices supported to some extent simply because of political and now economic difficulties caused by the Hurricane crisis. Traders are now back at their desks, and we can expect a constant to and fro while they try and make sense of this market. Watch the US dollar, it may weaken further before it recovers – we have hurricanes mainly to thank for that, and generally a weak dollar is good for gold and silver prices. We see no fundamental reason for current prices, the fear factor is baked in, perhaps until President Trump manages to pass his proposed Budget through Congress. Until that time, and of course until the North Korea situation dies down, prices are more likely to remain firm than weaken.
Tomorrow we are publishing a short video as to why we believe President Trump did a deal with the Democrats on the debt ceiling, and we shall give one main reason which none of the news reports have considered.
Please view our recent videos:
Gold and Silver weekly Update – w/e 1st September 2017
https://youtu.be/LlWmSZHAnkEGold and Silver weekly Update – w/e 25th August 2017
https://youtu.be/X354VBI2MjUGold and Silver weekly Update – w/e 18th August 2017
https://youtu.be/ice-Iz2uODwGold Hits $1300 – Bannon is Out – Is Trump Next?
https://youtu.be/xK0_RopCUnMGold and Silver weekly Update – w/e 11th August 2017
https://youtu.be/X4nOEHWcjlMTrumps Threats cause Gold and Silver prices to rise - interview with Greg
https://youtu.be/ZETLrXdq1aAGold and Silver and Inner Sanctum Update – w/e 4th August 2017
https://youtu.be/6UuIBAaT_hgGold and Silver Update – w/e 28th July 2017
https://youtu.be/MniCD5aOKQoWill Trump be Impeached or become a Dictator?
https://youtu.be/hZHWpY5FDOAThe case for $600 Gold – unlikely but Interesting.
https://youtu.be/QGUZA63dHSAMicrochips inserted into your hand may soon become the rage in the US.
https://youtu.be/eobRS0Eud8wIMF announcement of lower UK and USA growth is positive for Gold and Silver prices.
https://youtu.be/MjJq2Ol0K6IGold and Silver Update – w/e 21st July 2017
https://youtu.be/syZjbsl1nxASessions will Go and Machiavelli is an amateur compared to Trump.
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