Gold & Silver Soar, As They Set New Record Highs

	Traders Could Look To Silver As Another Way To Ride The Upswing In Gold Prices
	Over the last six months, gold prices have jumped nearly 30% amid concerns over global growth, with its cheaper . . . . Calum Muirhead (Read More)
	Gold Touches $1550 Before Being Brought Down Sharply Yet Again
	On Thursday morning trading in Europe, the gold price rose sharply to $1,550 before being brought back down . . . . Lawrence Williams (Read More)
	Bank Of America Says Buy Gold As Central Banks Lose Control
	What a difference a few years makes. Back in the summer of 2015, a WSJ op-ed writer, who somehow . . . . Tyler Durden (Read More)
	New York Times Exposes Realities For Safe Deposit Box Users
	A New York Times article published on July 16th draws attention to the fact that banks disclaim all liability . . . . SDBIC (Read More)

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Gold broke above the key $1,550 per ounce level on last Monday, reaching a new six year high of $1,555 per ounce before selling off. Gold made its second attempt at breaking above the key $1,550 level last Thursday before getting hit with profit taking. Gold closed the week at $1,520 per ounce, down $8 for the week, and at the lower end of the $1,520-$1,550 per ounce trading range.

Right now, there are five factors that are having a direct affect on the precious metal prices:

1. The value of the U.S. Dollar is currently at a 2-year record high, as the U.S. Dollar Index is trading at 99.17, this is a bearish factor for Gold valued in U.S. Dollars.
2. Interest rates are dropping globally, with the U.S. 10-year Treasury notes dropping below 1.50%. This is helpful for the price of Gold as it becomes more affordable as a safe haven investment.
3. Constant concerns about the U.S.-China Trade war’s effect on the economies of both countries, plus the great possibility of it leading to a global recession. This factor is causing major worldwide investors to increase their buying of precious metals.
4. Gold and Silver are both in a major uptrend, with Gold up 19.50% and Silver increasing 18.8% since the beginning of the 2019.
5. Increasing Debt. To quote a BoA commodity strategist, “value and proportion of debt with negative yields has risen almost exponentially of late and this has been a powerful driver of the Gold”.

Over the long holiday weekend, Gold traded between $1,520 and $1,534 per ounce.
Buyers continue to show fresh interest when the price is around the $1,520 level. I look for it to break above the key $1.550 per ounce early this month.

Today: While the U.S. Dollar index is staying around a record high of 99, the 10-year treasury has dropped below an unbelievable 1.44%. That news combined with the new Chinese trade tariffs coming on line today has pushed the DJ Averages down over 300 points. While the Gold price continues to break above the key $1,550 per ounce resistance level.

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Last Friday, Silver closed at $18.34 per ounce, up $0.93 for the week, and up $2.91 since the first of the year. This is the highest price Silver has traded at since 2017. Silver is clearly on the way to test the important $20 per ounce resistance level by year end. The popular Silver-to-Gold ratio has been moving south in the past month. Between July 5th and August 30th, the Silver-to-Gold ratio has dropped from 93.30-to-1 to 83.38-to-1. This ratio could easily break below 80-to-1 this month. It’s clear that Silver has taken over the leadership role for the precious metal group, as it increases in price at a faster pace.

Today: Silver exploded above the key $19 level this morning on strong demand. The bulls are in charge of the Silver market with most professional traders buying on dips and selling into major rallies

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The Long Beach Coin Expo is coming up this Thursday & Friday, September 5th & 6th. Mint State Gold will be in attendance, with a variety of products on hand. Stop by Table #826 and say hi!

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