http://illuminatisilver.comGold and Silver weekly Update – w/e 22nd June 2018
Today is Saturday 23rd June 2018 and we are providing our gold and silver weekly update for the week ending 22nd June.
Gold fell $10 last week from $1,279 to $1,269 having hit a high of $1,284 and a low of $1,262. In sterling terms gold finished the week at £956 that’s down £7, and in Euros it closed at 1,088 Euros that’s down 14 Euros on the week.
Silver fell 8 cents from $16.56 to $16.48 having hit a high of $16.63 and a low of $16.20. In sterling terms, it closed at £12.42 that’s down 5 pence and in Euros it closed at 14.13 euros that’s down 0.13 euros.
The Gold to Silver Ratio fell slightly from 77.23:1 to 77:1
The Dow Jones closed on Friday at 24, 580 up 119 points on the day and down 510 points on the week; and the NASDAQ closed at 7,692 down 20 points on the day and down 54 points on the week.
Brent Crude rose $2.11 from $73.44 to $75.55 and US Light Crude rose $3.52 from $65.06 to $68.58
The dollar index stands at 94.52 that’s down 0.26 on the week.
Gold prices continued to drift lower during the week, reaching down towards the $1260 level, before bouncing back a little on Wednesday and maintaining that level until the markets closed on Friday. Analysts are predicting that prices could touch $1,250 or may even rise to $1300. Our listeners will not be surprised to hear us believe that $1250 is the more likely, something we predicted a month ago when everyone was looking towards $1400 as the next move forward. Trade sanction reprisals, a difficult time for President Trump over Border issues with Mexico all added to political woes, and frankly we should have seen gold prices move upwards especially as equity markets fell and they did not.
Professional precious metal investors are currently fatigued with their investments and are currently looking elsewhere – thus the reduction in prices. Of course, we believe this will correct itself in time but with further interest rate rises still looming, we are still more bearish short term than bullish.
Silver fell 20 – 25 cents midweek but rallied again on Friday standing just 8 cents lower at the end of the week compared to the start. As mentioned previously we believe that silver is in a consolidation phase and we may very well see prices move between $16 - $17.50
Now to all extent and purposes recent price activity suggests that silver has a very strong floor at the $16 level and most analysts believe that it only has to hit that $17 level again and prices will jump quite quickly towards the $18 mark. From a fundamental view this makes sense in that although the strengthening dollar has a negative impact on silver, a growing robust economy has a positive influence and so whichever is stronger dictates the price direction. We still believe that silver will dip below the $16 level but will represent good value when it does. Our predictions and analysis can see it touching $15.50 but we would not place any heavy bets on this as there is too much going on in the political field to keep silver prices moderately propped up, so to speak, and it has been almost 12 months since silver fell below the $15.50 level and has tended to oscillate more or less between that level and $17.50 since (though it did peak briefly to $18.21 last September).
This coming week:
• the Consumer confidence Index for June will be reported on Tuesday,
• Durable goods orders for May will be published on Wednesday
• GDP revision for Q1 will be published on Thursday
• And core inflation and consumer spending in May will be published on Friday.
None of the above are expected to particularly affect market movements. However, we are expecting some further moves and commentary by way of trade tariffs especially in relation to China and possibly Canada and the EU too which may have a slight effect.
Politically, A federal judge said on Friday he could rule as soon as the middle of next week on a request to order the U.S. government to reunite thousands of immigrant children who were separated from their parents after illegally crossing the Mexico-U.S. border, and this will no doubt attract headlines.
Please view our latest videos:
Gold and Silver weekly Update – w/e 15th June 2018
https://youtu.be/nQ0n0N52kH8Copper – Its History and Prospects as an Investment Opportunity in 2018
https://youtu.be/JsIHjG3t7vQGold falls below $1300 – will it fall further?
https://youtu.be/3JVnyy8r_jcWhy Gold will fall below $1300 by June 2018
https://youtu.be/Wa0lgBiHMdkWorld Silver Survey 2018 – Our View and Breakdown
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