Gold Continues Making New All-Time Highs, Silver Looking Good

GOLD

President Trump may have been able to intimidate Canada and Mexico into making concessions to avoid having tariffs, but China is a totally different situation. We will have a serious trade war with China. But tariffs aren’t the only concerns that are driving increased precious metal buying. The chaos caused by the Trump administration closing down numerous government agencies (FBI, USAID, Education Dept and others) is unsettling many investors and financial institutions. Gold continues to show excellent demand while building a firm base above $2,800 per ounce. Gold reached a high of $2,848 yesterday before seeing heavy short-term profit-taking.

At 11am PT today, Gold is trading at $2843, up $22 today.

SILVER

Silver appears to be building an excellent base as it prepares to break above the $32 per ounce resistance level very soon. Silver has the potential of reaching $35 per ounce as Gold makes its way to $3,000 per ounce.

At 11am PT today, Silver is trading at $32.33, up $0.74 from yesterday.