Welcome to illuminati silver, we tell you
the truth about silver. Today is Saturday 3rd December 2016 and we
are providing our gold and silver weekly update for the week ending 2nd December
Gold fell in US dollar terms last week by $6 from $1183 to $1177, having hit a high
of $1197 and a low of $1161. In sterling terms gold finished the week at £924 that’s down
£25, and in Euros it closed at 1104 Euros that’s down 13 Euros on the week.
Silver rose 21 cents from $16.54 to $16.75 having reached a high of $16.86 and a low
of $16.30. In sterling terms it closed at £13.15 that’s down £0.10 for the week
and in Euros it closed at 15.70 euros that’s up 0.09 Euros.
The Gold to Silver Ratio fell from 71.52:1 to 70.26:1
The Dow Jones closed on Friday at 19,170 down 21 points on the day but up 18 points on the
week, and the NASDAQ closed at 5255 up 4 points on the day but down 143 points on the week.
Brent Crude was up $7.22 cents at $54.46 and US Light Crude was up $5.62 cents at $51.68
The dollar index stands at 100.77 down 0.72 on the week.
In last week’s report our conclusion was “however next week may see a little consolidation
if not a small bounce but it won’t last for long.”
Well we did see that, with gold rising and maintaining its premium position until Wednesday
and then falling back towards the end of the week. While silver has maintained its position
well. From a technical trading point of view for
gold, resistance is seen near the 10-day moving average at $1,189, while support is seen near
$1,160. The gold markets vacillated during the week,
testing the 1160 level on the bottom, and the 1200 level on the top. Ultimately, gold
ended up forming a negative candle and as a result it is likely that sellers will continue
to push markets lower. As far as silver is concerned, from a technical
point of view, Silver markets fell initially during the week, but turned around to form
a hammer. Ultimately, this is a market that looks like it could bounce but $17 and $17.50
levels are resistive. US jobs figures announced on Friday suggests
a US interest rate rise in December is a near certainty after 178,000 new jobs were added
in November, close to economists’ expectations of 180,000.
The unemployment rate dropped to 4.6% from 4.9% in October and was the lowest since August
2007, before the global financial crisis struck. With the FED’s decision not due until its
meeting on December 13th and 14th, all eyes will now be on the Italian Referendum which
takes place tomorrow. The outcome of which could cause considerable turmoil in European
markets should the result emanate in the Italian Prime Minister resigning.
This could possibly re-ignite gold and silver prices somewhat, however, we still cannot
help feeling that the downtrend in precious metals is still likely to continue as we move
deeper into December. That said, tomorrow we are publishing a video as to why Silver
could actually outperform Gold during 2017 so please do not miss it, as it contains some
quite important relevant information which should help all of us to decide as to whether
silver is the metal to invest in. We hope you have found this video interesting
and informative and if so, please give it a thumb up and share it on twitter. Also kindly
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is updated daily can be found at facebook.com/illuminatisilver 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