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	Gold Needs To Hold $2,400 For The Second Week Straight
	Once again, the gold market is ending the week at a critical juncture as it tests crucial support at $2,400 an ounce... Neils Christensen
	Understanding The Importance Of Basel III For Gold Owners
	After the banking disaster of 2007-08, a group of financial minsters and senior executives from the largest international banks met... Barry Stuppler
	The Gold Market Hunts For Answers Behind Bullion’s Sudden Surge
	Gold’s scorching run to an all-time high may seem easy to explain from a distance, given the fractious geopolitical climate... The Economic Times
	The Case For Silver - a Sterling Investment
	Silver has long been a favoured asset among precious metal investors. Valued for its inflation protecting qualities, its strong returns in bull markets....Jordan Eliseo
	Basel III And The Gold Market
	Basel III is a set of financial reforms that aims to strengthen regulation, supervision, and risk management in the banking industry. After the impact of the... StoneX Bullion

Last Thursday at 3am PDT, I saw that the Gold price had reached $2,485 per ounce in Europe. I called a commodity trader in London and asked him what was happening. He shared with me that because of the change in Basel III, there are many international banks buying Gold ahead of the January 2025 start of Gold becoming a Tier I asset. Please read my article “Understanding the importance of Basel III for Gold Owners” listed above.

At the end of last Thursday and Friday’s trading, Gold saw heavy profit taking and Gold declined from $2,485 to $2,400 per ounce. Gold closed last Friday at $2,402.80, down $13.20 for the week, but down $82.20 from the Thursday all-time high.

What caused the sell-off in Gold?

A combination of major speculative profit-taking and an interest in the U.S. Dollar Index. Long time Gold buyers are still continuing to buy Gold, and I believe they will be back buying again this week. $2,400 per ounce is a key support level for Gold. Last week was the 3rd time since April 2024 that the Gold price has closed above $2,400 per ounce.

Based on a number of factors, I expect to see Gold move back above $2,400 per ounce by month end and reach $2,800 by year end. The uncertainty about our upcoming Presidential election, the two wars in Israel and Ukraine, the U.S. Debt and Dollar Index, Basel III and Central Bank Gold buying are all bullish factors that will drive the Gold price higher.

Today: President Joe Biden’s announcement that he wouldn’t seek reelection did not have any bullish effect on the Gold price. Gold has traded between $2,383 and $2,413 most of the trading day. We need to see Gold move back over $2,400 to maintain its bullish short-term directions.

Silver followed Gold lower last Thursday and Friday, breaking below the $31 and $30 per ounce support level. Silver closed Friday at $29.22 per ounce, down $1.70 per ounce on strong trading volume. Silver badly needs to move back above the key $30 support/resistance level by month end to restore bullish sentiment.

This Thursday, the Advance Report on Durable Goods--Manufacturers' Shipments, Inventories, and Orders numbers will be released. This is one of the key indicators that the Federal Reserve looks at for future inflation.

The Silver-to-Gold ratio moved higher last week to 82-to-1, an excellent time to own more Silver.

Today: Silver dropped down to $28.71 before finding bargain buying, and quickly rallied back above $29 on excellent volume. With the weakness in the Gold price, staying over $29 is key to the short-term direction of the price.

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