Judy Shelton Nominated To Federal Reserve Board

GOLD

Gold made its second unsuccessful attempt to break above the key $1,438 resistance level in late trading yesterday. I think next week it will break above after the long holiday weekend. At 11am PT today, Gold is trading at $1,418 per ounce, up $12 on good volume.

Trump has nominated Judy Shelton to the Federal Reserve Board. This is important because she has been a strong advocate of the U.S. going back on a Gold Standard. This means the concept of the U.S. moving to a Gold Standard will be discussed when she goes in front of the congress to be confirmed.

SILVER

Silver has traded between the $15.20 and $15.45 per ounce from early Asian trading to the New York close. I am seeing excellent consolidation and base building in Silver, when Gold breaks out Silver could run. At 11am PT today, Silver is up $0.08 per ounce, trading at $15.30 on average volume.