Weekly Market Report

Last week, Gold traded in a narrow range between $1,268 and $1,277 per ounce, down $3 for the week. Although Gold is still up $118 since the beginning of the year, it sold off $82 in the past two months . . . .

Last week, Gold had an amazing week, closing within a $10 high/low range all five days . . . .

Commodity prices stormed higher in the decade to 2012, fueled by a mismatch between Chinese demand and global supply, creating supply shortages that led to substantial gains in many commodity markets . . . .

Although gold has fallen below key resistance, one market analyst said that he sees some underlying strength in the marketplace as the metal holds above important support levels . . . .

“We believe that precious metals remain a relevant asset class in modern portfolios, despite their lack of yield,” said Goldman Sachs in a recent report on the dilemma of what investors should do about falling gold price . . . .

Last week was a great week for Gold investors. Gold rose $10 last Monday on excellent trading volume and never looked back . . . .

In the past month the value of the U.S. Dollar, interest rates, and the stock market have all moved higher . . . .

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 . . . .

Last week Gold traded between $1,316 and $1,340 per ounce, as it continued to build a base after recent gains, taking it above the important $1,300 level . . . .

September has started with gold continuing to set new 1-year highs . . . .