GOLD AND SILVER MOVING HIGHER ON WEAK DOLLAR
| Stuppler & Company is proud to provide our clients this Weekly Market Report (WMR). The report gives you my overview of the prior week’s precious metal and rare coin market activity and news. In each WMR, I share the current status of Gold and Silver along with their support and resistance levels. |
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This Week's Headlines: |
Last week started with Israel and Hezbollah reaching a cease-fire agreement in
Lebanon. The announcement caused the price of Gold to drop $93 and test the important $2,600 support level. Gold bottomed out on Tuesday morning at $2,605, but from that point to the end of the week, it moved higher. Gold closed in overseas trading on Friday at $2,657 per ounce, down $55.20 for the week. The U.S. Dollar Index fell from 108 to 105.27 by Friday which helped Gold rally on Wednesday and Friday.
November was not a good month for Gold investors with Gold moving from $2,739 to $2,657, a decline of $72 per ounce. Historically, December has been a very good month for the price of Gold. For the past seven years, Gold has increased in price during the month of December and many professional commodity traders believe that Gold will have an eighth consecutive Santa Claus rally this December.
In December I expect to see:
- Increased Central Bank buying of Gold, as they sell U.S. dollars and government bonds
- The lowering of interest rates in the U.S. and many other developed countries
- More Safe-haven Gold demand amid a fractured world with unresolved conflicts in the Middle East and Russia-Ukraine
- Chinese investors turning to Gold amid record low savings rates and property market concerns
- Concerns over fiscal instability as governments around the world increase debt burdens, not least in the U.S. as President-elect Trump rolls out many high-cost policies and tax cuts
After the unique volatility we saw in November, I think during the first two weeks of December Gold will build a firm base above $2,600 and trade between $2,600 and $2,660. I believe the Gold rally will start the week of Dec. 15th, moving back above $2,700 per ounce and heading towards $2,800 per ounce. I expect 2024 to end for Gold in the mid $2,700 area. There are numerous domestic, political, and geopolitical factors that could dramatically change Gold’s performance in December of 2024.
Today: Gold traded this morning between $2,621 and $2,651 as mixed news influenced the market.
A stronger U.S. Dollar is putting pressure on the Gold price, and concerns about what the U.S. Government will be doing next month is causing increased central bank Gold demand.
Silver also had a rocky November, moving from a high of $32.71 to a low of $29.65 per ounce.
Silver reached a 12-year high of $34.90 per ounce in late October and has had a rocky road since.
A combination of Gold’s recent price weakness, concerns about the direction of interest rates, and a strong U.S. Dollar have all contributed to Silver’s volatility.
Last Friday in overseas trading, Silver closed at $30.68 per ounce, down $0.63 on normal volume.
The Silver-to-Gold ratio is 86.59-to-1.
Today: Silver tested the $30 per ounce support level this morning when Gold was trading near today’s lows. Silver rallied with Gold on good demand late in the trading session. $30 is a very important support level for the short and long-term Silver price.
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