Gold and Silver Update w/e 30th Sept 2016 – by illuminati silver

Welcome to illuminati silver, we tell you
the truth about silver. Today is Sunday 2nd October 2016 and we are
providing our gold and silver update for the week ending 30th September
Gold fell in US dollar terms last week by $25 from $1337 to $1312, having hit a high
of $1342 and a low of $1312. In sterling terms gold finished the week at £1011 down £20
and in Euros it closed at 1167 Euros that’s down 23 Euros on the week.
Silver fell 52 cents from $19.69 to $19.17 having reached a high of $19.75 and a low
of $18.95. In sterling terms it closed at £14.77 that’s down 41 pence for the week
and in Euros it fell 0.47 Euros to 17.06 Euros per ounce. The Gold to Silver Ratio rose from
67.9:1 to 68.4:1 The Dow Jones closed on Friday at 18308 up
164 points on the day and up 47 points on the week, and the NASDAQ closed at 5312 up
42 points on the day and up 7 points on the week. Brent Crude was up $4.30 at $50.19 and
US Light Crude was up $3.76 at $48.24. The dollar index stands at 95.46 that’s down
just 0.01 on the week. The recent price action shows a slight weakening
in the demand for gold. In addition there has been some evidence that investors have
been selling gold to raise cash to buy stocks. Unfortunately for bullish investors, gold
is currently being treated as a hedging tool. This typically means it is headed lower since
investors aren’t likely to want more until it reaches a value area. It is quite possible,
that should the Deutsche Bank issue be resolved with the DOJ in the next few days, we could
see gold head a little lower possibly breaking that $1300 level and if it does, then we shall
certainly be buyers ourselves. The market was under pressure from the beginning
as investors seeking higher risk bought stocks and higher-yielding currencies after Hillary
Clinton appeared to outperform her rival Donald Trump in the first Presidential debate. Remember
we have said time and time again Clinton will be neutral for gold prices while Trump will
be positive, because of the uncertainty his success will create. This is the mood of city
investors, and whether you are a Trump supporter or not, we have now spoken to enough dealers
to know that this is the case currently. In addition, Gold was also pressured by the
news that OPEC had agreed to make production cuts. This helped trigger an 8 percent surge
in oil prices, helping to drive up energy stocks and all three major indices. Gold fell
in reaction to the news since it is a competing asset. Gold tends to go down when stocks rally
because it loses favour with investors since it doesn’t pay interest or a dividend.
The most important report for this week and the one most likely to influence gold prices
the rest of the month is Friday’s U.S. Non-Farm Payrolls report. It is expected to show the
economy added 171K jobs in September. The unemployment rate is expected to come in unchanged
at 4.9% and average hourly earnings are expected to rise from 0.1% to 0.2%.
The Fed is concerned about labour-slack so its focus will be on average hourly earnings.
This number has to come in at the estimate or better because if it misses, the Fed is
less likely to raise rates in December. This would help gold prices recover from current
lows. In summary, gold prices are likely to weaken
initially this week if stocks continue to rise and the dollar doesn’t fall but may
rise again if the jobs report on Friday is poor.
Like gold, silver had a negative week occasionally dipping below the $19 level. Frankly we believe
it is consolidating and may do so for the rest of the week. We can see it dipping into
the $18 territory again but generally the trend will be the same as gold, especially
in view of issues concerning Deutsche Bank and the Jobs data. Of course should dollar
values be hit further, then silver prices may rise in response.
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updates and offers. Our Facebook page which is updated daily can be found at 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.

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