Barry Stuppler

The recent decline in the Gold price appears to have bottomed out this morning at $1,277 per ounce . . . .

The U.S. Dollar rally and an increase in interest rates have affected the Gold price negatively . . . .

India’s cultural affinity for silver underscores the country’s importance as a leading source of demand in the global silver marketplace.  The breadth of the Indian silver market resonates across much of the country, currently the world’s seventh largest economy . . . .

Gold has been trying all day to stay above the key $1,300 per ounce support/resistance level . . . .

Dennis Gartman has called 2017’s gold rally and he is now forecasting gold will be “demonstrably higher” rising to $1,400/oz in the coming months and rise by even more in euro terms . . . .

The Russian Central Bank announced last week that its gold reserves had reached 56.1 million troy ounces (approximately 1,745 metric tons). The total included an additional 500,000 ounces (approximately 15.5 metric tons) of gold added in August . . . .

In late morning trading the Gold price started a rally, quickly moving back above the $1,300 support/resistance level . . . .

His prior forecasts noted that countries around the world would soon stop trading commodities like oil in the U.S. dollar, something we’re already seeing with China, Russia, Iran, and Venezuela, all of which are preparing non-dollar, gold-backed mechanisms of exchange . . . .

Gold traded today in a very narrow $7 high/low range, from a high of $1,298 and a low of $1,291 per ounce . . . .

The Gold price dropped to its lowest level in over three weeks ($1,288) this morning after the Federal Reserve meeting yesterday . . . .