Gold And Silver Make A Strong Attempt To Break Resistance

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Last Friday it was reported that U.S. employers added just 194,000 new jobs in September, well below expectations. But upward revisions to prior months’ data meant the economy has now regained half of the jobs deficit it lost in December. On this news, Gold rallied, reaching a high of $1,780 per ounce. This was the first attempt to breakout above the current resistance level of $1,765. Gold has shown good support above the $1,750 level, but has shown that the resistance level is higher during the past few weeks. Gold closed last Friday at $1,756, down $1 for the week, but with an exceptional weekly range from a low of $1,745 and a high of $1,780 per ounce.

Sometimes, watching Gold trading can be frustrating, but don’t lose your faith that Gold will reach new all-time highs soon. I have carefully watched Gold trade since the mid-1970s, and every major rally has started with a long base-building period. During that time period, the major players in the Gold market, commodity houses, international banks, professional traders, central banks and long-term investors added substantial amounts of Gold to build a strong position. Every time we have seen a Gold sell-off, major central banks, (i.e., India, China, Russia or Poland) have stepped up and added to their country’s reserves. The world’s major central banks are the largest holders of Gold and consider it to be the primary asset to protect the value of their currency. For hundreds of years, Gold has protected governments against hyper-inflation and a devalued currency.

Today: With the U.S. Dollar above 94, and the 10-Year treasury rate above 1.60%, Gold continues to trade between $1,750 and $1,760 today. Investors are awaiting to hear from the Federal Reserve for information on a stimulus tapering timetable.

Last Friday, Silver rallied with Gold on the same employment news. Silver broke above the $23 resistance level, reaching a high of $23.20 before seeing profit taking and heavy contract/futures selling. Physical demand for popular Silver investment coins remains strong. Silver closed on Friday at $22.68 per ounce, up $0.17 on average volume. The Gold-To-Silver ratio dropped to 77-to-1, a very attractive level.

Today: Silver reached a high of $22.90 this morning before seeing light short-selling and profit taking. Demand for physical Silver bullion and bullion plus coins remains strong as mints from around the world start announcing their 2022 issues.