Gold And Silver Holding In A Tight Trading Range As They Build A Base

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	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
	3 Out of This World Gold Facts
	The history of gold spans every society and has been instrumental in the modern financial system. . . .Georgia Williams
	China Thought To Be Stockpiling Gold To Cut Greenback Dependence
	“Central banks are snapping up gold this year, but it is uncertain which ones are behind most of that shopping spree, fueling speculation that China is a big player,” . . . .Anil Panchal
	COMEX Vaults See Seventh Straight Month of Outflows
	This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. . . .SchiffGold
	New CEO Says FTX Had 'Complete Failure Of Corporate Control'
	Nov 17 (Reuters) - New FTX CEO John Ray said there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried in a U.S. court filing on Thursday. . . . Marco Bello

Gold spent the Thanksgiving Holiday week trading above and below the key $1,750 resistance level. Last week Gold had a high of $1,761 and a low of $1,739 per ounce, after the recent rally from a low of $1,620 on November 3rd. This base building activity is very healthy for the long-term Gold price. Gold closed last Friday at $1,753 per ounce, up $1 for the week.
Most of the financial markets were quiet during last week’s holiday weekend trading. Analysts and commodity traders are still awaiting the next Federal Reserve’s action at the December 6th meeting.

I continue to see sizable numbers of investors returning back to Gold after FTX’s bankruptcy.
This is causing an increase in demand for pre-1934 U.S. and European Gold coins during the last few months, while supplies remain scarce.

Today: China’s strict Covid polices are causing protests in many cities today. Locking down the country will directly affect the supply chain issues in the U.S. and affect growth in our economy. Gold sold off on this news, reaching $1,741, then rallying off the bottom.

Last week was a good week for the Silver price. Silver showed much better price support than Gold and was up $0.41 (2%) last week. Silver closed last Friday at $21.38 per ounce. Supplies of popular investment quality Silver coins and bars remains low as many of the world’s largest mints are cutting their distributors’ 2023 allocations. Silver, like Gold, needs to build a firm base, above its key $21 per ounce level.

Today: Silver sold-off on the China news, breaking below the key $21 per ounce level. Silver reached a low of $20.84 before seeing bargain buyers.