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The month of October ended on Thursday with another $100 increase in the price of Gold. After reaching another all-time high of $2,790 per ounce last Wednesday, Gold closed on Friday at $2,738 per ounce, down $8 for the week. Most of the key factors continue to favor higher Gold prices in November. Looking at our domestic economic numbers, both inflation and unemployment numbers continue to support higher Gold prices. Looking at geopolitical issues, the wars in the Middle East and Ukraine/Russia continue to drive heavy Safe-Haven Gold buying.

The big question that economists and commodity traders are looking at is the result of our presidential election on Tuesday. After we get credible election results, all the financial markets will react to the projections of the long-term outlook to our economy, inflation, employment, interest rates, U.S. Dollar and our budget deficit.

I need to see the Gold price move back above $2,750 per ounce this week for the price to stay short-term bullish. Gold’s long-term outlook has never looked better, regardless of who wins the presidential election. I believe we will see $3,000 by year-end and, after active trading and profit-taking, $3,500 per ounce or higher within a year.

Today: Gold has traded today between $2,730 and $2,750 per ounce as the market awaits this week's coming events. The financial markets and the world await the outcome of this week’s U.S. presidential election, and the Federal Reserve decision on interest rates on Thursday.

The high volatility in Silver trading and pricing continued last week. Silver reached a high last Wednesday of $34.55 per ounce, and hit a low of $32.31 last Friday as Gold traded under $2,750. Silver closed last week at $32.54, down $1.10 per ounce for the week, but up $1.18 for the month of October. The Silver-to-Gold ratio increased last week to 84-to-1.

Today: The Silver price has been higher during most of today’s trading, reaching a high of $32.95 before seeing profit taking and short sells. Right now, $33 is a key level for the Silver price and it needs to move back above that level this coming week.

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