Gold And Silver Getting Ready For The Year End Rally

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	Poland brought about 100 tons of gold home from the Bank of . . . . Marek Strzelecki and Dorota Bartyzel (Read More)

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Gold is holding above $1,450 despite stumbling on strong economic data released last week. Last week’s data showed positive economic signs including a drop of 15,000 in U.S. weekly jobless claims, better-than-expected growth in the U.S. third quarter GDP (up an annual rate of 2.1% versus the forecasted 1.9%) and lastly, the U.S. Commerce Department report showing an increase of .06% in U.S. durable-goods orders for October, up from September’s revised 1.4% drop.

Last Wednesday (before the Thanksgiving Holiday), Gold closed at $1,456 per ounce, down $6.
As we move into the month of December, I’m looking for Gold to rally while closing the year strong. Last year, between Nov. 30th 2018 to Dec. 31st 2018, Gold increased in price from $1,220 to $1,278 per ounce. That was an increase of $58 per ounce, or 4.75%. A similar move in 2019 would take the price of Gold up $70 from last Friday, Nov. 30th’s close of $1,465.

Today: This morning the U.S. November ISM Manufacturing Index was released and it was lower than the expected 49.4, at only 48.1. With Chinese manufacturing increasing, the U.S. stock markets declined and precious metals rallied. Gold had reached a low of $1,453 in early Asian trading before this news was released and quickly jumped $10 per ounce.

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Like Gold, Silver traded in a narrow range during the holiday week, closing between $16.88 and $17.40 all week. $17 per ounce is an important level for Silver, but $16.60 continued to act as a key support level earlier this month. Silver closed last Friday at $16.97 per ounce, up $0.05 for the week.

I look for Silver to move higher with Gold in December. The Silver-to-Gold ratio increased slightly to 86.35-to-1 but is heading lower.

Today: Silver also sold off in early Asian trading this morning, reaching a low of $16.80 before rallying on the manufacturing news. With the Chinese-U.S. trade talks hitting a snag over the Hong Kong protests the precious metal prices strengthened.

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