Gold And Silver Break Out And Set New Short-Term Highs

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	Central Banks Maintain Their Appetite For Gold
	Central banks continue to accumulate gold according to the latest data available.1 In October – data is lagged by two months . . . . Krishan Gopaul
	Silver Analysis: Buyers Need Validation From $22.50
	Silver price (XAG/USD) renews a six-month high of around $22.40 early Thursday, after crossing the key resistance line stretched from March. . . . Anil Panchal
	Gold Price Powers To 3.5-Mo. High, More Upside Likely
	The gold and silver market bulls have hit the accelerator in the wake of a dovish lean on U.S. monetary policy by Federal Reserve Chairman Jerome Powell in comments delivered Wednesday afternoon. . . .Jim Wyckoff
	Mike McGlone Sees Gold Price To Break Through $2000 And “Never Looks Back”
	In the last month, the yellow metal has galloped 7.2% higher, despite a closing low of $1,630.90 in early November . . . .Shivam Kaushik
	Silver Demand on Pace for Record Year
	Silver demand is on pace to hit record levels in 2022, driven by new highs for physical investment, industrial demand, jewelry, and silverware production . . . . SchiffGold

November just ended and what a great month it was for precious metal owners. Those of you who kept the faith in bullion were rewarded for your patience and understanding. To fully understand the sizeable increase, let me provide a short recap.

From November 1st to December 1st:
Spot Gold moved from $1,640 to $1,802 per ounce, an increase of $162 (9.8%) in just 1-month.
Spot Silver moved from $19.10 to $22.75 per ounce, a $3.65 increase, (19.1%) for the month.

By comparison, what did the U.S. Dollar and 10-Year Treasury rate do during the same period?
The U.S. Dollar Index moved from 112.93 to 104.76, a decline of 8.17 pts (7.80%) in November.
The 10-Year Treasury rates moved from 4.158% to 3.54%, a decline of .618% (14.8%) in November.

The key factors for the November increase in precious metals is clearly shown in the above numbers. It is clear what happened in November, but what about the future direction of these four financial assets and key indicators. I believe the U.S. Dollar Index and Interest rates will most probably stay in a narrow trading range, after the recent sizable decline, for the balance of the year. However, Gold has broken above the key $1,800 major resistance level, with good demand. It is highly likely that short-term direction of Gold is neither a quick test of $1,750 support level or build a firm base above $1,800 for a good number of trading days to continue its rally to $2,000 per ounce.

Today: This morning, Gold moved to $1,810 in late Asian trading, and sold-off in European trading. When Gold opened in the U.S. Gold dropped to test support around the $1,770 per ounce level.
A stronger U.S. Dollar Index, briefly moving above 105 added to the weakness of Gold in the U.S. market

Last month was extraordinarily profitable for Silver investors. Silver closed last Friday at $23.20 per ounce, up $1.80 for the week, and up $3.65 over the past month. During the past month, Silver has broken through four resistance levels, $20, $21, $22 and $23 per ounce. This happened in an unprecedented short amount of time. For the sake of the long term direction of Silver, a brief period of base building above $22 per ounce, is needed. Based on the recent sharp rally in the Silver price, the Silver-to-Gold ratio has declined to 77.84-to1.

Today: Silver led the fall in the precious metal index, breaking down below the $23 level and reaching a low of $22.22, before finding bargain buying. Many of the world’s largest mints have started producing 2023 dated Silver coins. Hopefully, the distributors allocating will be increased to help lower the current premium levels.