Welcome to illuminati silver, we tell you the truth about silver.
Today is Sunday 18th February 2018 and we are providing our gold and silver weekly update
for the week ending 16th February 2018.
Gold rose $36 from $1,316 to $1,352 having hit a high of $1,361 and a low of $1,315.
In sterling terms gold finished the week at £963 that’s up £12, and in Euros it closed
at 1,089 Euros that’s up 15 Euros on the week.
Silver rose 31 cents from $16.36 to $16.67 having hit a high of $16.98 and a low of $16.34.
In sterling terms it closed at £11.88 that’s up 5 pence and in Euros it closed at 13.43
euros that’s up 0.08 euros.
The Gold to Silver Ratio rose from 80.40:1 to 81.10:1
The Dow Jones closed on Friday at 25,219 up 19 points on the day and up 1,029 points on
the week, and the NASDAQ closed at 7,239 down 16 points on the day but up 465 points on
the week.
Brent Crude rose $2.05 from $62.79 to $64.84 and US Light Crude rose $2.48 from $59.20
to $61.68 The dollar index stands at 89.10 that’s
down 1.34 on the week.
Without doubt and to our surprise to be fair, the U.S. Dollar had a significant and positive
impact on gold prices last week as it closed near a three-year low against a basket of
major currencies while posting its biggest weekly loss in nine months.
Technical analysts are quoting support levels near the 10-day moving average at $1,333 while
resistance is seen as being near $1,365.
We however are not changing our view about further gold price weakness in the weeks ahead.
U.S. consumer prices rose considerably more than expected in January, fuelling fears that
inflation is about to turn dangerously high if not higher.
The Consumer Price Index rose 0.5 % last month against projections of a 0.3% increase.
This will undoubtedly fuel speculation of rising interest rates in the very near future
and a potentially increasing value of the dollar.
With a rapid turnaround of stock market prices last week, and further rises anticipated,
we believe that gold will face somewhat of an uphill struggle to advance much further
from current levels, especially if Treasury yields also continue to rise.
Silver prices also rose last week though once again the gold to silver ratio increased.
Again it’s a dollar play, however we are a little more bullish about silver in that
the GSR is high at 81 and also most experts agree with us that the floor in silver is
at or around the $15 level meaning there is very limited downside for this precious metal.
We believe that prices may soften soon, unless the dollar continues to fall, however short
term, we believe that any silver price rally will be very much kept in check.
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Disclaimer: Illuminati Silver owners come from a background
of Banking, International Wealth Management and Economics.
Having now retired from these worlds we are not qualified to give investment advice.
Therefore, this and other productions must not be deemed to be giving such advice and
merely represent the personal views of its owners.