Look Who it Was Random video

Gold and Silver weekly Update – w/e 6th July 2018

1,592 views · Published 7 July 2018 · 6:26 · Indexed 4 November 2026

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

Watch on YouTube

http://illuminatisilver.com

Gold and Silver weekly Update – w/e 6th July 2018

Today is Saturday 7th July 2018 and we are providing our gold and silver weekly update for the week ending 6th July.

Gold rose $2 last week from $1,253 to $1,255 having hit a high of $1,259 and a low of $1,238.  In sterling terms gold finished the week at £944 that’s down £4, and in Euros it closed at 1,068 Euros that’s down 4 Euros on the week.

Silver fell 8 cents from $16.12 to $16.04 having hit a high of $16.13 and a low of $15.79. In sterling terms, it closed at £12.07 that’s down 14 pence and in Euros it closed at 13.66 euros that’s down 0.14 euros.

The Gold to Silver Ratio rose from 77.73:1 to 78.24:1

The Dow Jones closed on Friday at 24,456 up 99 points on the day and up 185 points on the week; and the NASDAQ closed at 7,688 up 101 points on the day and up 178 points on the week.  
Brent Crude fell $2.12 from $79.23 to $77.11 and US Light Crude fell 35 cents from $74.15 to $73.80
The dollar index stands at 93.96 that’s down 0.51 on the week.

Gold markets opened lower last week, dipped to their lowest level on Wednesday and then staged a recovery with a reasonably good, but not outstanding, jobs report on Friday underpinning prices.  Technical analysts believe that a ‘hammer’ was formed on Friday thereby potentially proving positive for the weeks ahead. We still hold the view that with last week’s highs being lower than the previous week’s highs, and last weeks lows being lower than the previous week’s lows we are not at all confident that the short-term weakness in prices is over. 

At the moment the major influence is the value of the dollar which weakened slightly mainly because the Non-Farm payrolls report though showing more new jobs being created actually resulted in a slightly higher unemployment rate which some economists believe may put interest rates on hold just a little longer, thereby weakening the dollar. Trade sanctions are currently the major political concern and some companies expressing concern about the unemployment levels it may cause. We won’t know the outcome of these for some months yet, however insecurity and uncertainty breeds fear which is usually positive for gold and silver.
We are still not convinced as yet that investors currently view precious metals as that attractive compared with the alternatives at present, as so still see a weakening of prices throughout July/August however if we are right and this occurs we do foresee a turn around slightly later in the year.

 Silver again followed gold’s path last week with the same influences i.e. the value of the dollar having a direct impact on prices. There is quite reasonable support around the $16 level but listeners to our channel will be very well aware that we do not see that level holding for long. 

This coming week may indeed be a little more positive for precious metals simply because the dollar is likely to weaken slightly from its recent rise but again short of a major political or military announcement we do not envisage any positive or negative impetus for precious metals – in other words it will just be a dollar play.

This coming week the following reports worth noting are announced as follows:
• On Monday Consumer Credit Index
• Wednesday Producer price Index
• Thursday Consumer Price Index
• Friday the Import Price Index and Consumer Sentiment Index

So, the bottom line is slightly higher prices this coming week and then we expect a reversion back to below $1250 gold and below $16 silver. 

Please view our latest videos:

Gold and Silver weekly Update – w/e 29th June 2018
https://youtu.be/7CkaKn2_67A

Gold falls below $1250 and silver below $16
https://youtu.be/L5CmhoSDV50

Copper – Its History and Prospects as an Investment Opportunity in 2018
https://youtu.be/JsIHjG3t7vQ

Gold falls below $1300 – will it fall further?
https://youtu.be/3JVnyy8r_jc

More from this channel