http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver weekly Update – w/e 16th March 2018
Today is Sunday 18th March 2018 and we are providing our gold and silver weekly update for the week ending 16th March.
Gold fell $10 last week from $1,323 to $1,313 having hit a high of $1,331 and a low of $1,310. In sterling terms gold finished the week at £942 that’s down £13, and in Euros it closed at 1,069 Euros that’s down 6 Euros on the week.
Silver fell 25 cents from $16.60 to $16.35 having hit a high of $16.66 and a low of $16.23. In sterling terms it closed at £11.73 that’s down 26 pence and in Euros it closed at 13.30 euros that’s down 0.19 euros.
The Gold to Silver Ratio rose from 79.70:1 to 80.30:1
The Dow Jones closed on Friday at 24,946 up 72 points on the day but down 389 points on the week, and the NASDAQ closed at 7,482 unchanged on the day and down 78 points on the week.
Brent Crude rose 72 cents from $65.49 to $66.21 and US Light Crude rose 30 cents from $62.04 to $62.34
The dollar index stands at 90.23 that’s up 0.08 on the week.
Gold prices fell last week primarily because of a rising US dollar and an expected rise in interest rates by the FOMC this week. However, political turmoil within the Whitehouse limited these losses and we envisage the same to happen this coming week. In fact it’s quite possible that gold prices will rise if President Trump makes any move to fire Deputy Director Rosenstein or attempts to close the Mueller Investigation.
In addition, the imposition of sanctions on Russia and the political fallout of the chemical poisoning in Salisbury England will only serve to increase political tensions between the West and Russia, thereby improving precious metal prices as a safety hedge. So we may have conflicting forces this week affecting prices not forgetting any impact on Stock markets too.
Retail Sales were disappointing at 0.2% compared with a forecast 0.4% while consumer inflation came in at 0.2% as expected and producer inflation at 0.2% exceeding expectations.
Silver was in the doldrums last week but still well within the consolidation range we quoted previously. We believe that physical buying will continue should prices fall below $16 and towards that $15.50 level or if prices should jump to $17 then professional traders are likely to re-enter the market. As with gold, Interest rates and political turmoil will be the main influencers on prices during the coming weeks.
None of us can predict what President Trump will do this week – more firings, attacking Mueller, more sexual exposes all of which will create a turbulent political environment and prove positive for precious metal prices. However all things being equal, if there is no turmoil then we can see their prices slowly descend. Traders will be waiting to hear what the FED Chair announces and how many interest rate rises there are likely to be for 2018.
Please view our latest videos:
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