Welcome to illuminati silver, we tell you the truth about silver.
Today is Sunday 11th March 2018 and we are providing our gold and silver weekly update
for the week ending 9th March.
Gold rose $1 last week from $1,322 to $1,323 having hit a high of $1,340 and a low of $1,313.
In sterling terms gold finished the week at £955 that’s down £4, and in Euros it closed
at 1,075 Euros that’s up 2 Euros on the week.
Silver rose 9 cents from $16.51 to $16.60 having hit a high of $16.86 and a low of $16.37.
In sterling terms it closed at £11.99 that’s up 3 pence and in Euros it closed at 13.49
euros that’s up 0.09 euros.
The Gold to Silver Ratio fell from 80.07:1 to 79.70:1
The Dow Jones closed on Friday at 25,335 up 440 points on the day and up 797 points on
the week, and the NASDAQ closed at 7,560 up 132 points on the day and up 303 points on
the week.
Brent Crude rose $1.12 from $64.37 to $65.49 and US Light Crude rose 79 cents from $61.25
to $62.04.
The dollar index stands at 90.15 that’s up 0.22 on the week.
Last week saw little change in gold and silver prices.
In fact the rising dollar which is normally associated with lower precious metal prices
was counteracted somewhat by the fears over a trade war because of the tariffs on steel
and aluminium announced by President Trump.
The U.S. Bureau of Labor Statistics reported the economy added 313,000 jobs in February,
compared with an estimated 200,000 with the unemployment rate remaining unchanged at 4.1%.
Wage rates were calculated at rising by only 0.1% compared with an envisaged 0.2% which
suggests that the tax cuts announced haven’t fully fed through in higher wages to date.
The FED is due to announce its interest rate decision on 21st March which analysts predict
has an 86% chance of rates being raised on that date.
Technical analysts are citing resistance at $1,350 and support at $1,310 and a break above
or below these figures is likely to lead to a price movement of up to $50 in either direction
Again silver has moved more or less in correlation to gold though volumes do appear reasonable.
Most experts are predicting a consolidation phase at the moment and see little prospect
of a $1 rise or fall in either direction for the next couple of weeks.
We still hold the view that there is more likely to be downward movement as opposed
to upward movement unless politics and trade wars get in the way.
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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.