Gold and Silver Setting Record Highs – July CoinStats available
This Week's Headlines: |
After breaking above the key $1,438 resistance level on Thursday, Gold reached a six-year high of $1,452 per ounce in early Friday trading. Gold ended the week at $1,425, up $14 per ounce. During July, we have seen a sharp increase in trading volume on the world’s commodity exchanges. The increased trading volume is an excellent sign of growing demand for Gold in the face of lowering interest rates and a mass exit from the U.S. Dollar by many of world’s central banks.
In conversations with professional floor traders on many of the world’s largest commodity markets, they prefer to buy Gold on dips and sell into strong rallies. Whether it be news on progress in the tariff negotiations or the Federal Reserve lowering interest rates by month end, I see higher Gold prices this month. Additionally, I expect to see a report from the World Gold Council on the dramatic increases in Gold purchases by the world’s central banks in June.
Today: Gold is locked into a narrow $6 High/Low trading range this morning, between $1,423 and $1,429 per ounce. This is very healthy for the Gold price, allowing Gold to build a new base after its recent rally.
Silver Picking Up Steam As Gold Bursts Upwards | |
While gold had been drifting in the markets, but at least held the $1,400 level before catching another . . . . Lawrie Williams (Read More) |
Silver went ballistic last week, reaching a high of $16.55 before closing on Friday at $16.12 per ounce, an increase of $0.96. Early last week, Silver broke above the key $15.50 per ounce resistance level, when trading volume and demand picked up dramatically. $16.55 was a new 2019 high, and this recent rally has dropped the Silver-to-Gold ratio to 88.10-to-1. Without any credible news as to why Silver rallied so much last week, it’s difficult to try to predict the short-term future. But, staying above the $16 level for a short term, giving Silver a firm support level, would be a good starting point.
Today: The Silver rally continues this morning with Silver reaching a high of $16.48 per ounce.
The demand for Silver remains strong after last week's $0.96 (6.3%) rally. I look for Silver to build a base between $16 and $16.50 during this week.
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