Gold And Silver Back On A Bullish Path With High Demand

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	Silver Flatlines In Mid-$24.00s Despite Rising US Yields
	Spot silver prices have flatlined near their 50-Day Moving Average at $24.40 on Thursday, as the ongoing focus on the Russo-Ukraine . . . . Joel Frank
	This Russian Bank Sold 1 Ton Of Gold In March
	One Russian bank said it sold 1 metric tonne of gold to Russian consumers in March as demand surged . . . . Anna Golubova
	Palladium Soars on Russian Refiner Suspension
	Palladium prices soared after the London Platinum and Palladium market suspended . . . . Yusuf Khan
	Gold Flat As Firmer Dollar Counters Support From Ukraine Crisis
	Gold prices remained trapped in a tight range on Friday as the dollar firmed . . . . Asha Sistla
	J.P. Morgan: Commodity Prices May Explode
	The S&P GSCI commodity price index has jumped 26% year to date . . . . Dan Weil

Last week’s precious metal trading was highly unusual and possibly a harbinger of things to come. The interest rate for the 10-Year Treasury jumped 13% in just one week, above 2.70% and a 3-Year high. So, how did the financial markets react to this extraordinary jump? Equities, Bonds and Bitcoin dropped, but surprisingly Gold jumped $22 on excellent volume. While interest rates moved higher, the U.S. Dollar Index also jumped, reaching a 2-Year high, over 100, which should have been another deterrent to the Gold rally.

What happened to all of the professional commodity traders who are convinced that higher interest rates and the U.S. Dollar will curtail inflation and drive precious metals lower? Gold ended up closing last Friday at $1,942 per ounce. $1,950 is an important resistance level for Gold right now and I look for a move above that level this week followed by more consolidation before moving on to the major resistance level of $2,000 per ounce.

Some financial institutions, (i.e. J.P. Morgan), believe we are at the start of an explosion in commodities. J.P. Morgan feels that we have another 30% to 40% upside for commodities from here. Why? Because of the sanctions on Russia and Ukraine’s inability to deliver wheat and other grains which is causing shortages and higher prices around the world. A spike up in food and energy prices could not only cause inflation, but it could result in government default on debt.

Today: The U.S. Dollar Index (over 100) and interest rates continue to move higher, but concerns about commodity shortages and inflation are outweighing that feeling. Gold rallied today, moving back over $1,950 per ounce and reaching a high of $1,970 on fresh buying.

Last week Silver showed excellent support above the key $24 per ounce support level but was unable to firmly break above the $25 resistance level. Silver closed moderately higher last Friday at $24.77, up $0.17 per ounce. The Silver price is taking direction from Gold, so any firm break above $1,950 should drive the Silver price above $25. The Silver to Gold ratio has moved up to 78.35-to-1.

Today: Silver continues to search for support, trading between $24.24 and $24.84 per ounce. Gold has taken over the leadership position in the direction of many precious metals, including Silver.