BOTH GOLD AND SILVER TESTING KEY SUPPORT LEVELS
| Stuppler & Company is proud to provide our clients this Weekly Market Report (WMR). The report gives you my overview of the prior week’s precious metal and rare coin market activity and news. In each WMR, I share the current status of Gold and Silver along with their support and resistance levels. |
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This Week's Headlines: |
Last week was extraordinary with an election of a new president, a Federal Reserve meeting which lowered interest rates, and a new Chinese stimulus program. These events caused the most volatility in the precious metal markets I have seen all year. Gold dropped $73.40 per ounce on Wednesday after Donald Trump was confirmed as our next president. At the same time, banking, oil and gas, crypto, and high-tech companies’ stocks had a substantial rally. Many highly respected analysts feel that these companies will see much less governmental regulations and more mergers and acquisitions which will help them become more profitable during a Trump administration.
Trump first became President on Jan. 20th, 2017 and the Gold price on that date was $1,204 per ounce. When he left office on Jan 20th, 2021, the Gold price was $1,868. A $664 (55%) increase in four years. Much of that increase was caused by his massive budget and trade deficit that was generated during his first term as president. Today, his policies remain pro-Gold, and if the Wall Street Journal and New York Times are correct and he drives record budget deficits again, Gold will see a price of $4,000 per ounce in 2026 or sooner.
What would be even more bullish for Gold owners is a return to a Gold Standard. Trump and a few of his key economic advisors discussed the idea of the U.S. returning to a Gold Standard during his first term. For more information on Trump’s Gold standard, please read the article above Trump And The Gold Standard.
We are clearly in a period of a strong U.S. Dollar (Index over 105.50) and we will see it affect the prices of precious metals priced in Dollars. Right now, it appears Gold will trade between $2,600 and $2,700 per ounce for the rest of November as it consolidates recent gains and builds a firm base for the next leg higher.
Today: As Gold started trading around the globe last night and this morning, the price of Gold stayed in a $20 range, between $2,666 and $2,686 per ounce. As the Gold market rolled into London and U.S. sellers appeared, the Gold price moved lower to test the key long-term support level of $2,600 per ounce.
Silver reached a low of $30.85 per ounce last Wednesday, when the price of Gold was down $90 per ounce. Silver closed at $31.35 per ounce on Friday, down $1.23 for the week. Since Silver reached a 2024 high of $34.90 per ounce on October 23, it has seen a lot of volatility and selling. Silver has two very important support levels. $30 is its long-term support level while $32 is the short-term support level. Last week, the Silver-to-Gold ratio moved higher, reaching 85.69-to-1.
Today: This morning the Silver price fell with Gold, reaching a low of $30.32 before finding bargain buying. $30 is a key long-term support level and the Silver price could test that level a few times in November.
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