Both Gold And Silver Are Trading At Very Affordable Levels
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I’m Taking A Vacation For The Next Three Weeks
Recommended Investment Commitment And Diversification
Last Tuesday, Gold broke down below the key $1,280 per ounce support level. On that day, the U.S. Dollar index moved above the 97-resistance level and there were reports that a new U.S.-China deal was imminent. This news, plus a news story that Venezuela was selling $400 Million of its Gold to pay debt, took Gold below the $1,280 support level. The CME trading volume for the June Gold futures contract, when Gold moved below $1,280 last Tuesday, was the highest (32.7 Million ounces) of the month.
Gold closed last Thursday at $1,273 per ounce, down $19 per ounce (1.5%). (No trading on Friday, due to the Easter Holiday.) Gold needs to move back above $1,280 this week, or we can develop a new trading range between $1,260 and $1,280 per ounce.
Today: Inflation concerns fired up this morning as the Oil price increased 3% this morning. This is the highest price for Oil since November of last year. Gold is trading at $1,276 per ounce up $3.
Last week, Silver held up better than Gold, testing the $14.80 per ounce level and holding. Silver closed last Thursday at $14.94, down $0.02 per ounce. The Silver-to-Gold ratio dropped to 85.32. Professional traders short-sold Silver when it dropped below $15 and many of them have covered those positions.
Today: Based on the potentially inflationary news, Silver reached a high of $15.12 per ounce this morning. Then, Silver sold off and reached the $15 per ounce support level.
I leave on vacation Tuesday and will return May 12th, so there will not be a Weekly Market Report during that time frame. During my vacation I plan on working on my book, which will be released later this year, before I celebrate my 60th year as a professional numismatist.
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