Barry Stuppler

The Gold rally continued this morning as Asian buying took the price over the important $1,300 per ounce resistance level . . . .

Former U.S. Mint Director David J. Ryder, who served as the 34th chief executive of the nation’s coin producer, is President Trump’s intended nominee to become 39th director of the United States Mint . . . .

Many of the professional floor traders that I spoke with late yesterday and today are thinking Gold is back on the bullish trail . . . .

Today Gold has traded in a very narrow $8 per ounce high/low range, from $1,292 to $1,284 per ounce . . . .

Large stashes are a handy weapon against currency jitters and US pressure . . . .

India’s gold imports in September rose 31 percent from a year ago as jewelers increased their purchases ahead of a festival at the end of the month, provisional data from GFMS showed . . . .

Supported by heavy Chinese bargain buying. . . . 

In the past month the value of the U.S. Dollar, interest rates, and the stock market have all moved higher . . . .

According to the People’s Bank of China – the country’s central bank – the Asian economic giant’s gold reserves have now remained unchanged for 11 straight months - indeed ever since the nation’s currency – the yuan or reminbi – was admitted by the IMF as an integral constituent of that entity’s Special Drawing Right (SDR) . . . .

This morning in Asian markets Gold saw lots of Chinese bargain buying, as the Chinese returned from their holiday . . . .