Both Gold & Silver Break Below Key Support Levels

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	Gold Rises Over 2% As Soft Inflation Data Rekindles Fed Rate-Cut Hopes
	Gold prices rose more than 2% on Friday and were headed for a weekly gain as weaker-than-expected U.S. inflation data reignited hopes for Federal Reserve rate cuts this year, offsetting concerns from stronger-than-expected jobs data earlier in the week... Reuters
	Is It A Golden Era For Gold?
	Gold prices have more than doubled since late 2023, repeatedly hitting all-time highs in a sustained rally.,, J.P. Morgan Private Bank
	"Let’s stockpile Gold" Why China is Jumping In… Bold Strategy Unveiled
	The Chinese government said it is formulating a Gold industry development plan . . . . Kim Eun-Jung
	WGC: What You Need to Know - The China Factor
	Last week's data showed US growth holding up despite a softening labor market, improving momentum in China . . . . World Gold Council
	Liberty Eroding, Gold Rising: 30 Years of Warning
	The dollar’s lost half its value and the price of gold exploded since our author first warned that politicians are ruining our purchasing power . . . . Richard Salsman
	Gold Center Of Gravity Moving From West To East
	For decades, London reigned supreme in the global gold market. Its vast over-the-counter (OTC) system, built on unallocated accounts, netted trades and trust in paper claims set benchmarks and kept most bullion circulating as a financial instrument rather than plain physical metal... Jan Krikke

I’m finally home, and I want to recap what has happened in 2026 to date. 2026 started the year with the Gold price at $4,325 per ounce.
Gold reached an all-time high of $5,585 per ounce on January 29th, followed in two trading days with a low of $4,395. Now, Gold closed Friday at $5,025 per ounce, up $700 (16%) for the year. Last week’s trading showed that Gold continues trying to build a firm base above the key $5,000 per ounce level. Gold is likely to trade between $4,900 and $5,100 for a while, but it’s important that Gold consolidates recent gains and builds a firm base for a bullish long-term outlook.

January’s consumer price index (CPI) rose by 2.4%, down 0.3 percentage points from December, and the lowest since May 2025. Economists had forecast an annual rate of 2.5%. Plus, the Labor Department showed that the number of jobless claims in the United States declined by 5,000 to 227,000 last week, while the Bureau of Labor Statistics said that nonfarm payrolls rose by 130,000 in January, signaling that the U.S. job market started the year on a strong foot and tempering hopes for a short-term interest rate cut by the Federal Reserve.

During my travels to France, India, Egypt, and Jordan I’ve learned a lot about precious metal and U.S. Dollar demand and attitude towards Americans. Clearing customs and immigration at the airport, especially in India and Egypt was a nightmare. Our tour guide told me that things got worse in early 2025 after many of President Trump’s actions against these countries.

As for the attitude toward the U.S. Dollar, it’s gotten worse, while demand for Gold/Silver continues to increase.

On Friday, Gold closed at $5,022 per ounce, up $57 for the week.

Today: In overseas trading last night, the Gold price started moving lower in China and again in India, reaching a low in India of $4,841. China will be closed for the rest of the week celebrating the New Year's Holiday. Gold found buying during late trading in India and London, however dropped below $4,900 in London late trading and as the U.S. market opened.

Silver continued to see a lot of volatility last week. Silver reached a high of $86.00 and a low of $64.80 in active trading last Wednesday. Trading was somewhat bearish in China and India, while London and the U.S. were more supportive last week.
Based on the recent 2026 trading, Silver badly needs to build a firm base between $75 and $85 per ounce. Silver closed last Friday at $77.85 per ounce, up $1.03 on the week.

Today: This morning, Silver tested the key $75 per ounce support level in both China and India. Silver did reach a low of $72.67 per ounce before rallying back in India. Heavy selling hit the market in London and the U.S. dropping the price to $71.86 before seeing bargain buying.

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Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
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