GOLD AND SILVER HIT NEW HIGH PRICES

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	$2,500 Gold Is In Play This Week – James Stanley
	Gold prices have broken out of a near-term bearish technical pattern and the yellow metal is poised once again to surpass its all-time highs... Ernest Hoffman
	China Sells Record Sum Of US Debt Amid Signs Of Diversification
	China sold a record amount of Treasury and US agency bonds in the first quarter... Masaki Kondo and Iris Ouyang
	CPM Market Alert: Platinum Fantasies Support Price Pipe Dreams
	People ask CPM how it is possible that platinum prices could have fallen by more than half since 2008... CPM Group
	Switzerland Emerges As India’s Top Import Destination In April With Soaring Gold Imports
	Switzerland has emerged the top import destination for India in April on account of a jump in inbound shipments of gold from that country... SMEFUTURES
	Silver Surges To Highest Settlement In 11 Years Gold Jumps As U.S. Inflation Cools
	Gold futures rose to a nearly one-month high Wednesday, and silver jumped to its best settlement in more than 11 years... Seeking Alpha
	Silver Is Ridiculously Undervalued
	We come to 2 conclusions when looking at the price of silver expressed in several other assets: silver is undervalued and chart patterns suggest that silver is eager to move higher....Australian Investing Haven

Wow, what a week Gold had, up $53 for the week and closing at a new all-time high of $2,415 per ounce last Friday. Gold is up $120 for the month of May and $345 since the beginning of 2024.

Central Bank, Financial institution, and commodity exchange demand continues to soar.
The U.S. Labor Department Bureau announced last Wednesday that the March consumer price index (CPI) increased only 0.3%, much lower than originally estimated. This news led to optimism about a Federal Reserve interest rate cut this year and increased Gold demand all week.

The geopolitical situation in Israel and Ukraine didn’t improve last week and continues to be the largest incentive for safe haven Gold buying in the middle east and Asia.

This bullish turn for Gold and Silver has provided support for Platinum and Palladium, which are up 5.6% and 6.3%, respectively, for the week.

Many of the world’s largest central banks have increased their purchases this year, and when they buy, it’s metric tons, not ounces. These central banks rarely talk about the price direction of Gold, but many of the largest financial institutions do.

Goldman Sachs sees the price of Gold at $2,700 per ounce in 2024, while Bank of America, Citibank, and many others are predicting Gold will be much higher by year-end.

Today:
Over the weekend, a helicopter carrying Iranian President Ebrahim Raisi and his foreign minister crashed amid bad weather conditions and they are reported to have been killed. Losing the Iranian leadership has thrown the status of the Israeli war into chaos. I’ll bet the CIA’s intelligence group is busy today determining how it will affect Iran’s policy in regard to Israel. Gold rallied to $2,450 per ounce on this news and later saw heavy selling.

A Double Wow for Silver last week, with an increase of $3.38 (11.9%) in just one week. Silver closed last Friday at an unbelievable $31.55 per ounce. Silver is up $7.80 (32.8%) since the beginning of 2024. Silver reached its highest level since January 2012, closing at $31.55 per ounce on Friday. I expect to see a serious test of the $30 per ounce support level, however, I have consistently underestimated the strength of the current Silver rally.

The current Silver-to-Gold ratio has dropped to 76-to-1 and still is an outstanding value.

Today: Silver also reacted to the death of the Iranian President by breaking above the $32 level and reaching a high of $32.57 before seeing heavy profit taking. Silver needs to show strong price support above $30 per ounce at least to the end of May to stay bullish.

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