Trade Agreement Delays Kick Off December Gold Rally

GOLD

Trump said today that there is no deadline on a final Chinese trade deal. He stated that it could be delayed until after the US presidential election in Nov 2020. That news prompted traders to sell equities (Dow down 400 pts) and Gold & Silver quickly moved higher. Gold reached a high of $1,481 before seeing light professional short-term profit-taking. I believe this was the start of our December rally and we will reach a new 2019 high. At 11am PT Today, Gold is trading at $1,479 per ounce, up $14.5 on excellent volume.

SILVER

Silver reached a high of $17.18 after the Trump news was released. This is well above the key $17 per ounce resistance level, and traders covered their short-sell very quickly. The December Silver rally should take us back to the $18 level. At 11am PT today, Silver is up $0.25 per ounce, trading at $17.19 on excellent volume.