Gold and Silver weekly Update – w/e 4th May 2018 Video
http://illuminatisilver.com
Gold and Silver weekly Update – w/e 4th May 2018
Today is Saturday 5th May 2018 and we are providing our gold and silver weekly update for the week ending 4th May.
Gold fell $7 last week from $1,322 to $1,315 having hit a high of $1,324 and a low of $1,302. In sterling terms gold finished the week at £971 that’s up £12, and in Euros it closed at 1,099 Euros that’s up 9 Euros on the week.
Silver fell 1 cent from $16.53 to $16.52 having hit a high of $16.57 and a low of $16.07. In sterling terms it closed at £12.21 that’s up 22 pence and in Euros it closed at 13.81 euros that’s up 0.18 euros.
The Gold to Silver Ratio fell from 79.97:1 to 79.60:1
The Dow Jones closed on Friday at 24,262 up 332 points on the day and down 49 points on the week; and the NASDAQ closed at 7,209 up 121 points on the day and up 90 points on the week.
Brent Crude rose 23 cents from $74.64 to $74.87 and US Light Crude rose $1.62 from $68.10 to $69.72
The dollar index stands at 92.56 that’s up 1.02 on the week.
In our last video we quoted it was likely that we would see the gold price under further pressure. Well gold was indeed under pressure and very nearly dipped into $1200 territory. Yes, there is quite a strong floor at $1300 and resistive ceiling at $1350 and gold may indeed vacillate between these two. However, should rates rise in June, we can indeed see gold falling below $1300, and in fact if political tensions ease, as they apparently appear to be, we may very well see $1275 and even $1250 gold before this month is out, especially if the dollar continues to strengthen as its has over the past 2 weeks.
We have a similar view for silver. A strong floor at $16 and a resistive ceiling at $17.50. However, like gold, we see silver weakening in coming weeks, especially as political tensions ease, good economic news continues and an increasing likelihood of higher rates in June looming. Then we could expect to see silver fall to around $15.50. It may not be this week or next week, but we certainly expect weakening before May is out.
For those listeners who feel that we are unnecessarily bearish on gold and silver, one only has to look at the weakening physical demand. This has, to some extent been replaced by increasing Industrial demand, and may do so for a while yet. However we believe that the next 2 months will be bearish, however things may indeed change somewhat as we approach the US mid term elections later this year.
Please view our latest videos:
World Silver Survey 2018 – Our View and Breakdown
https://youtu.be/Xv5nWrnq6q0
Gold and Silver weekly Update – w/e 27th April 2018
https://youtu.be/uAgbHCwYbV8
Will Solar Panels be the Saviour For Silver Prices?
https://youtu.be/6-LE_sQBrIE
The case for $600 Gold – unlikely but Interesting.
https://youtu.be/QGUZA63dHSA
Why Gold and Silver Prices Have Further to Fall in 2017
https://youtu.be/GfVAuc3NH5k
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