http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver Update – w/e 13th January 2017
Today is Saturday 14th January 2017 and we are providing our gold and silver weekly update for the week ending 13th January.
Gold rose in US dollar terms last week by $25 from $1172 to $1197, having hit a high of $1206 and a low of $1172. In sterling terms gold finished the week at £983 that’s up £29, and in Euros it closed at 1125 Euros that’s up 12 Euros on the week.
Silver rose by 31 cents from $16.50 to $16.81 having reached a high of $16.98 and a low of $15.41. In sterling terms it closed at £13.79 that’s up 37 pence for the week and in Euros it closed at 15.79 euros that’s up 0.13 Euros.
The Gold to Silver Ratio rose from 71.03:1 to 71.25:1
The Dow Jones closed on Friday at 19,885 down 5 points on the day and down 78 points on the week, and the NASDAQ closed at 5574 up 26 points on the day and up 53 points on the week.
Brent Crude was down $1.65 at $57.10 and US Light Crude was down $1.62 at $52.37
The dollar index stands at 101.18 that’s down 1.04 on the week.
Last week we stated that gold would be highly resistive at $1200 and this past week proved that, as it attempted to exceed it and then fell back below. So its important to look at what happened last week and why precious metals are maintaining their positive momentum.
On Friday there were 3 economic reports to consider in the US:
1. Retail sales : which rose 0.6% in December higher than the 0.5% estimate
2. Producer prices : The Producer Price Index for December increased 0.3% resulting in a year on year increase of 1.6% - the largest gain since September 2014.
3. Consumer Sentiment : University of Michigan Consumer Sentiment came in below expectations at 98.1
These figures suggest that inflation is en-route. The question is of course will gold rise or fall as a result of it.
Well we must also look at the Equity and Currency markets.
There were strong quarterly earnings by banks on Friday however the short term stock market momentum appears to be easing a little.
US Treasury’s were lower as a result of the strong economic data with the benchmark 10-year note yield rising to 2.393% which helped underpin the dollar.
Technical analysis doesn’t help much either as charts tend to show that should gold reach and hold the $1210 level, then it could quite quickly move up to $1250 level, however should it fall back to $1180 then $1150 is on the cards.
So let’s take a quick look at what the paper traders are doing:
Each day since Trump's victory investors in top physical gold-backed exchange traded fund – SPDR Gold Shares– have pulled money out of the fund – each day!
The losing streak was the longest on record – 43 trading days without net inflows. After dumping 138.8 tonnes since November 9th, on Friday gold bulls were finally convinced to jump back in, picking up just under 3 tonnes.
So our short term view is, that until Trump’s policies are made clear and their impact interpreted, we may see a little further strength in gold prices. However we wish to re-iterate our general view and that is, unless Trump tweets something to the contrary, we will see gold resume its previous downward trend but it may indeed touch $1220 before that happens.
Silver markets rallied during the week, however again as we stated last week encountered resistance at the $17 level. Technical analysis suggests that should silver reach $17.20 and hold, it may well rise quite quickly to $17.50. However again the consensus view is that I is more likely to break down again back into $15 territory but not immediately. For the moment, silver is likely to move in the same direction and to a similar percentage as gold very short term.
As all of us have discovered it is difficult to predict prices in the very short term, but the main influence at the moment is dollar strength which is to a large extent determined right now on the certainty or otherwise of a Trump Presidency and the policies it will shortly reveal. Either way we are neither bullish nor bearish for the next week and will wait and see what unfolds.
Please view our latest videos:
Is the World Economy Recovering or Faltering?
https://youtu.be/4rwJXtaOXQAThe Liquid element of a precious metal portfolio – by cabadjo.
https://youtu.be/LZVEV7rJMucZero Hedge Headline debunked for Exaggeration or Scaremongering.
https://youtu.be/KtOst5V0QH4China’s Finance Ministry expects 6.7% growth for 2016
https://youtu.be/mdhjfjXkXWAGold and Silver Update - 6th January 2017
https://youtu.be/7Bryoj9lLkwJobs Figures Disappoint but still suggests lower gold and silver prices ahead
https://youtu.be/7wiPEmzRSGUFirst Silver Unboxing of 2017 - Illuminati Silver
https://youtu.be/QLiXw2UQPzIWhy are Global PMI’s rising when naysayers predict imminent economic collapse?
https://youtu.be/svIbXtld0oAMegan Kelly Leaves Fox News and Joins NBC
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