Gold And Silver Continue To Be On The Bullish Track, Reaching Yearly Highs

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	The Case For Owning Gold Keeps Getting Stronger
	The precious metal again becomes a safe haven from the world’s woes . . . . Brett Arends (Read More)

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Last Wednesday morning, three major central banks lowered their interest rates. Lower interest rates are bullish for precious metals, causing Gold and Silver to soar. That, combined with increased escalation of the trade war between the U.S. and China, sent Gold over the $1,500 per ounce resistance level. Gold reached a high of $1,511 per ounce last week on the highest trading volume of the year, 652,963 one hundred-ounce Gold December CME contracts (6,529,630 ounces). This is a sign of great support, as the December CME contracts stayed above $1,500 for the balance of the week. As of last Friday, Gold closed at $1,497 per ounce, up $51 for the week and up over 18% since the beginning of 2019.

Today: After reaching a low of $1,488 in early trading, Gold rallied back above the key $1,500 level on fresh buying. The U.S. Dollar Index has been virtually unchanged today, giving the precious metal markets no direction. At 11am PT, Gold is trading at $1,506 per ounce, up $9 on excellent volume.

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As Gold rallied over $1,500 per ounce, Silver exploded $.60 per ounce, on extraordinary volume to over $17 per ounce. Silver reached a high of $17.24, before closing the week at $16.93 per ounce, up $1.70 (11%) in the past month. The Silver price is being helped by lowering interest rates, as the 10-year U.S. Treasury drops to a record low of 1.77%. The Silver-to-Gold ratio has moved lower to 89.10-to-1. I expect to see Silver trading above and below the key $17 per ounce level this week as it builds a firm base for a move toward $18 later this summer.

Today: Silver sold off in early Asian trading, reaching a low of $16.80 per ounce before rallying $0.15 per ounce on European and U.S. markets. By close Silver demand came in and it moved above the $17 resistance level. A 11am PT, Silver is up $0.12 per ounce, trading at $17.05 on good volume.

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Between August 13th and August 17th, the largest rare coin convention of the year will be happening. The American Numismatic Association will be hosting the World’s Fair of Money in Rosemont, Illinois. This convention will see thousands of rare coin dealers and collectors/investors in attendance. I’m currently in Rosemont and will be at the show for the entire week, attending meetings and looking at rare coins, while talking to clients and dealers. I am optimistic about what many of the major Gold and Silver rarities will bring in the face of the recent rally in the bullion markets.

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