Weekly Market Report

Last Tuesday, Gold dropped $28 per ounce to below $1,290, breaking the important $1,300 resistance level . . . .

Gold traded below the $1,305 price five times in the past two weeks, testing the important $1,300 per ounce resistance level. Now, Gold has firmed up that support and is finally moving up to the $1,320 area . . . .

A commodity bull market is forming and gold has a big part to play, according to one Bank of America Merrill Lynch (BAML) strategist . . . .

Last week was definitely an important week for precious metal owners, full of adverse news and events for the Gold/Silver price . . . .

A combination of higher interest rates (10-Year Treasury at over 3%, the highest in the past four years), and a stronger U.S. Dollar (Index is 91.43) kept Gold on the defensive last week . . . .

After hitting a high of $1,358 per ounce last Wednesday, Gold closed the week at $1,337 per ounce. Gold was down $10.60 for the week, but still up $32 for the year . . . .

With higher US inflation, a weaker US dollar and geopolitical tensions on the horizon, Wayne Gordon explains why he thinks gold prices will rise even higher in the long term . . . .

Gold rallied on Friday based on the threat of a missile attack and the increase of geopolitical problems in the Middle East . . . .

Gold is famously correlated inversely to the dollar and since the dollar has been weak of late the price is relatively strong, at just over US$1,340 per ounce . . . .

Last week, all global financial markets were influenced by announcements coming from the White House and China regarding upcoming trade tariffs . . . .