Both Gold & Silver Continue To Consolidate Before The Next Leg Higher

CLICK HERE FOR NEW Morgan Silver Dollars

CLICK HERE FOR NEW Peace Silver Dollars

CLICK HERE FOR NEW $20 Gold Saint Gaudens

	Russian Central Bank's Gold Reserve Props Up Ruble
	The value of the Russian central bank’s gold reserves grew by $6.244 billion last month, despite. . . .Vitaly Bezrukikh
	Here’s Why The Largest U.S. Bank Is Bullish On Gold Prices
	Following the month when the largest monetary and fiscal packages in history were unveiled, the U.S. banking giant JPMorgan Chase & Co. . . . Michael Harris
	How The US Government Seized All Citizen' Gold in 1930s
	With global financial markets in disarray, many investors are turning to classic safe havens. Gold is trading. . . .Martin LaMonica
	Why Platinum Will Continue Perking Up
	Platinum is higher by more than 10% over the past week and there are some signs indicating that platinum’s. . . .Tom Lydon
	Goldman Sachs Really Likes Gold
	In a recent interview, Jeff Curie, global head of Commodities Research in Global Investment Research (GIR). . . .Siamak Masnavi
	'Perfect Storm' Of Silver Demand Could Easily Send Price to $50
	Demand for silver is reaching a “perfect storm” after an increase in investment demand . . . .Colin Muller

Last week, many of the world’s largest financial institutions (Goldman Sachs, JP Morgan, and Citibank) stated they are bullish on the Gold price. Goldman Sachs believes Gold will reach $3,000 per ounce within one year. This news helped the Gold price stay above $1,700 per ounce all last week. Gold traded last week between $1,714 and $1,774 and closed at $1,734, up $40 since the 1st of the month. Gold has been base building and showing excellent consolidation since it hit the 8 year high of $1,780 per ounce on April 14th. I believe we are very close to reaching a new high for the Gold price within the next few weeks.

In testimony last week to Congress, both Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell stated that the U.S. economy faces the possibility of permanent damage because of the lockdowns triggered by the coronavirus pandemic. Additionally, Fed Chairman Powell has assured financial markets he will provide more liquidity as needed. Plus, the Congress continues to negotiate another $3 trillion stimulus bill for states, hospitals, and small business.

As this crisis continues to move forward, it’s becoming clearer why our clients need to increase their precious metal ownership to protect their life’s savings. Cash continues to be a depreciating asset. Federal, state, and corporate debt will drive our Federal Reserve to do one bailout after another, as we completely depreciate the value of currency. To quote one of my clients, who works for a large financial institution in New York, “within a few years toilet paper should be worth more than paper dollars.”

Economists around the world have been thinking about what the result of the printing of the trillions of Dollars, Euros, Yen, Yuan, and other currencies will ultimately have on the world economy. Professor Tim Congdon, Chairman of the Institute of International Monetary Research at the University of Buckingham, England has written an article printed in the April 23rd Wall Street Journal entitled “Get Ready For The Return Of Inflation”.

Today: A few major pharmaceutical companies are talking about their development of a coronavirus vaccine which is providing optimism for many financial markets. The DJIA opened higher and is currently up over 500 points, putting pressure on the Gold price.

Silver was the super star precious metal performer this month, reaching a high of $18.02 per ounce, up over $3 since the beginning of the month. Silver traded between $17.02 and $18.02 last week, closing the week at $17.20 per ounce. The heavy CME trading volume indicates Silver is on a bull run. I believe after building a base above the key $17 support level, Silver is heading for a new 2020 high, above the $18.80 it reached in February. The Silver-to-Gold ratio has dropped below 100-to-1.

Today: Silver reached a high of $17.60 in early Asian trading and sold off when the Gold price declined. Silver continues to show excellent support above the key $17 per ounce support level.