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Gold and Silver Weekly Update w/e 9th November 2018

2,607 views · Published 10 November 2018 · 12:11 · Indexed 25 October 2026

Channel: The 2% Brief · 2018 · People & Blogs

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Gold and Silver weekly update w/e 9th November 2018

Today is Saturday 10th November 2018 and we are providing our gold and silver weekly update for the week ending 9th November.

Gold fell $23 last week from $1232 to $1209 having hit a high of $1,235 and a low of $1,207.  In sterling terms gold finished the week at £932 that’s down £18 and in Euros it closed at 1,067 Euros that’s down 15 Euros on the week.

Silver fell 59 cents from $14.75 to $14.12 having hit a high of $14.77 and a low of $14.12. In sterling terms, it closed at £10.92 that’s down 46 pence and in Euros it closed at 12.49 euros that’s down 0.46 euros.

The Gold to Silver Ratio rose more than 2 points from 83.52:1 to 85.62:1

The Dow Jones closed on Friday at 25,989 down 201 points on the day but up 719 points on the week; and the NASDAQ closed at 7,406 down 123 points on the day but up 50 points on the week and the S&P 500 closed at 2,781 down 25 points on the day but up 58 points on the week.

Brent Crude fell $2.65 from $72.83 to $70.18 and US Light Crude fell $2.95 from $63.14 to $60.19

The dollar index stands at 96.90 that’s up 0.36 the week.

We had the perfect storm to attack gold – the election results, although poor for the President, were not as bad as they could have been and frankly were a little better than some of the ‘blue wave theorists advocated. The FOMC’s report on Thursday did little to dispel the prospect of an interest rate rise in December and the Producer Price index reported on Friday rose a considerable 0.6% in October following a smaller than expected gain of 0.2% in September and an expected 0.3% for October. This has meant that producer prices have increased 2.9% over the year. Now when you compare this with last Friday’s report that wages have risen by 3,1% and the unemployment rate has fallen to a 50 year low of 3.7% the FED is certainly watching in case it foresees an overheated economy.

So let’s take a look at the economic news to be announced this coming week:

• Well stock and bond markets are closed on Monday because of Veterans Day

• On Tuesday we have the Federal Budget figures for October.

• On Wednesday the Consumer Price Index and core CPI for October – watch that one.

• On Thursday Retail sales, and the import price index for October.

• On Friday Industrial production figures for October .

So next week shall prove interesting. Friday took quite a fall and there may be a little recovery on Tuesday. However just notice how the DOW has recovered a fair amount of lost ground, how the Dollar index has risen, most commodities, including oil has fallen and the FED is almost certain to rise rates in December. 

Finally we also wish to mention the Inner Sanctum and to thank everyone who has joined either as a FREE, Bronze or Silver Member. If you haven’t joined so far, please do so as we do plan to communicate by email periodically and can only do so under current legislation, if you have signed up and ticked the box accepting future emails. The web address of course is www.illuminatisilver.com.

This week we are adding a new Message board to the website where you can see messages and alerts (but you must be a signed in member i.e. FREE, Bronze or Silver to see it). The Facebook Group is also launching on Friday – again we shall place the details on the message board and Forum, and our Forum will have a little make-over so it appears more user friendly.

Meanwhile we wish you a great weekend and for those in the US a relaxing but memorable Veterans Day.

Please view our latest videos:

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https://youtu.be/knO3EHRlZ3k

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