Barry Stuppler

Today Gold has traded in a very narrow $6 high/low spread, from $1,274 to $1,268 per ounce. It appears Gold is finding excellent support around the $1,270 level . . . .

China’s proven gold reserves reached 12,100 tonnes at the end of 2016, the state news agency Xinhua reported on Monday quoting an official with the national gold association . . . .

Last week, precious metal prices were negatively affected by the lobbying of Congress and the President for the first tax reform legislation in the past 31 years . . . .

This morning, as the U.S. Dollar continues its recent rally, Gold is trading from a low of $1,271 per ounce to a high of $1,276, as it appears to be bottoming out

The U.S. Dollar continues to rally based on the hope that $3 trillion, currently held overseas by American corporations, could be repatriated in the coming year . . . .

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 . . . .