http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver Update – w/e 7th July 2017
Today is Sunday 9th July 2017 and we are providing our gold and silver weekly update for the week ending 7th July.
Gold fell $28 last week from $1241 to $1213 having hit a high of $1,242 and a low of $1,208. In sterling terms gold finished the week at £941 that’s down £12, and in Euros it closed at 1,063 that’s down 23 Euros on the week.
Silver fell 99 cents from $16.61 to $15.62 having hit a high of $16.65 and a low of $15.37. In sterling terms it closed at £12.12 that’s down 62 pence for the week and in Euros it closed at 13.70 euros that’s down 0.84 euros.
The Gold to Silver Ratio rose from 74.71:1 to 77.66:1
The Dow Jones closed on Friday at 21,414 up 94 points on the day and up 65 points on the week, and the NASDAQ closed at 6,153 up 63 points on the day and up 13 points on the week.
Brent Crude fell $2.06 cents to $46.71 and US Light Crude fell $1.81 to $44.23
The dollar index stands at 96 that’s up 0.37
Last week we predicted that we expected “continued weakness throughout the Summer, unless of course some form of International political incident occurs.”
Well, the selling pressure started early in the week as investors continued to respond to the hawkish comments from several central bankers, strongly suggesting that the days of lower interest rates were numbered. The Fed has already committed to a tight monetary policy but it looks like they will be joined shortly by the European Central Bank, the Bank of Canada and the Bank of England (though we suspect growth figures released later in the week may indeed hold back interest rates in the UK for a little while longer).
Gold did steady a little after the release of the Fed minutes and a weaker than expected private sector jobs report, but Friday’s robust U.S. Non-Farm Payrolls report re-ignited fears of higher interest rates sooner rather than later and it took its toll on gold and silver prices.
All eyes will be on the Bank of Canada’s (BOC) interest rate decision on Wednesday, Fed Chair Janet Yellen’s testimony on monetary policy on Thursday and the U.S. CPI and Retail Sales reports on Friday.
Well last week’s fall especially in silver was even larger than we thought especially being so quick, though not surprising based on our original assessments.
A few months ago when silver had fallen back to $17 we stated that we could foresee $15 silver before $18 was reached again only to be proved wrong a week or so later when $18 was reached.
We could not quite understand this at the time, because all of our calculations and assessments were pointing to silver nesting between $15 - $16. Well it did rapidly peak to $18.62 and within a few days collapsed again to just over $16 and see sawed between $16 - $17.
Now it has fallen back close to the level we were expecting then. With the $16 base having been well and truly fallen through, and with Summer now upon us, we are not expecting any significant rise in silver over the next 2 months, but in fact further falls. Now that is not to say that perhaps there may be a slight initial rebound, but there is no logical reason for silver to be above $16 at the present time and we see prices now see-sawing between $15 - $16 with $15 possibly being breached within the next 2 – 3 weeks and sooner if Canada raises interest rates.
Silver is going to follow gold over the coming months as there is little on the Industrial side to set it apart.
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