Gold and Silver Update w/e 19th Aug 2016 - by illuminati silver

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Gold and Silver Update w/e 19th Aug 2016 - by illuminati silver

Today is Sunday 21st August 2016 and we are providing our gold and silver update for the week ending 19th August.

Gold rose in US dollar terms last week by $5 from $1336 to $1341, having hit a high of $1357 and a low of $1336. In sterling terms gold finished the week at £1026 down £7 and in Euros it closed at 1185 Euros that’s down 12 Euros on the week.

Silver fell 40 cents from $19.72 to $19.42 having reached a high of $20.11 and a low of $19.22. In sterling terms it closed at £14.77 that’s down 48 pence for the week and in Euros down 0.60 Euros at 17.06 Euros per ounce. The Gold to Silver Ratio rose from 67.7:1 to 69.4:1

The Dow Jones closed on Friday at 18,552 down 45 points on the day and down 24 points on the week, and the NASDAQ closed at 5,238 up 2 points on the day and up 6 points on the week. Brent Crude was up $3.91 at $50.88 and US Light Crude was up $4.03 at $48.52. The dollar index stands at 94.51 that’s down 1.21 on the week.

The important thing we want our listeners to remember is that while August is a time when traders are on holiday, thereby causing relatively subdued action, amid weakening greenback and fears of Eurozone crisis, the central banks across the world will buy more gold than they sell in a bid to diversify their reserves, causing the supply constraints and subsequently will lead to a further rise in gold prices.

Silver we are a little less optimistic about very short term in that we saw on Friday prices fall to early $19.40’s level and we expect this to continue into early next week. Do not be surprised to see silver fall into $18 territory and should it reach the early $18 then again those who are underweight in silver should seriously consider topping up in our view, as we do see silver at higher levels later in the year.

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