Gold and Silver Still Threatening to Breakout Above Resistance

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	Global Silver Demand For 2022 Forecast To Reach All Time High
	Demand for silver was expected to have reached a new high of 1.21 billion ounces in 2022, up 16 percent from the year before driven by increases in industrial use, jewelry and silverware off take and physical investment. . . .The Silver Institute
	Global Silver Demand For 2022 Forecast To Reach All Time High
	Demand for silver was expected to have reached a new high of 1.21 billion ounces in 2022, up 16 percent from the year before driven by increases in industrial use, jewelry and silverware off take and physical investment. . . .The Silver Institute
	Global Silver Demand For 2022 Forecast To Reach All Time High
	Demand for silver was expected to have reached a new high of 1.21 billion ounces in 2022, up 16 percent from the year before driven by increases in industrial use, jewelry and silverware off take and physical investment. . . .The Silver Institute
	Global Silver Demand For 2022 Forecast To Reach All Time High
	Demand for silver was expected to have reached a new high of 1.21 billion ounces in 2022, up 16 percent from the year before driven by increases in industrial use, jewelry and silverware off take and physical investment. . . .The Silver Institute
	Global Silver Demand For 2022 Forecast To Reach All Time High
	Demand for silver was expected to have reached a new high of 1.21 billion ounces in 2022, up 16 percent from the year before driven by increases in industrial use, jewelry and silverware off take and physical investment. . . .The Silver Institute
	Global Silver Demand For 2022 Forecast To Reach All Time High
	Demand for silver was expected to have reached a new high of 1.21 billion ounces in 2022, up 16 percent from the year before driven by increases in industrial use, jewelry and silverware off take and physical investment. . . .The Silver Institute

Gold jumped $20 Tuesday on the news that China was relaxing many of their COVID restrictions for residents and visitors. The Chinese are one of the world’s largest consumers of Gold and that demand has been down due to Covid restrictions by the Chinese government. It is strongly believed that demand will be back and stronger than ever very soon. Last week, like this week, is a shortened holiday week with only four days of trading.

Gold firmly moved over the key $1,800 per ounce resistance level last Tuesday and stayed there the balance of the week. A weaker U.S. Dollar (under 104) gave Gold lots of support in the international commodity markets. The U.S. Dollar has declined in value over 10% since Oct. 13th and that weakness has led to strong Central bank buying due to a lower price in many world leading currencies for Gold.

Gold closed last Friday at $1,827 per ounce, up $22 for the week and virtually unchanged for the year. In 2022, Gold reached a high of $2,075 on March 8th and a low of $1,615 on Nov. 3rd.
After reaching the low of Nov. 3rd, Gold started a $200+ rally and the buyers are continuing to increase demand. During that same 2-month period Bitcoin has dropped 25%, which has also encouraged investors to switch to Gold.

We have posted on our website a great new research article on Gold, called Gold in 2023.
Click on the link above and spend 15 minutes reading it, well worth the time.

Today: Gold traded very actively during Asian and European trading this morning. Gold reached a high of $1,851, up $24, before seeing selling as markets rolled into the U.S. There is a lot of optimism in the financial markets about the Chinese markets opening up.

Even with Gold moving higher, Silver continued to trade above and below of the key $24 resistance and support level. Silver reached a low of $23.20 before finding bargain buying.
Silver has been the strongest price leader in the precious metal market recently, and I believe last week was just a minor setback and in early 2023, I expect to see Silver move above $25 per ounce.

Silver closed at $23.96 per ounce last Friday, up $0.20 for the week. Silver closed 2022, up $0.63 after reaching a low of $17.34 earlier in September 2022.

Today: Silver moved high with Gold, reaching a high of $24.66 before seeing short-term profit-taking during late European trading. Based on recent trading, it would be very bullish if Silver could form a firm base above the key $24 per ounce level.