Gold Breaks Above $2,000 Per Ounce

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	Gold Price Jumps Past $2,000 As Israel-Hamas Clash Raises Haven Allure
	Gold surged above $2,000 an ounce for the first time since May as concerns over conflict in the Middle East outweigh the impact of the recent jump in bond yields. . . .Bloomberg News
	Gold Tests $2,000 As Middle East Concerns Offset Rate Hike Jitters
	Gold prices firmed in Asian trade on Thursday, with futures testing key levels as demand for traditional safe havens helped the yellow metal largely disregard a resurgence in the dollar and yields. . . .Ambar Warrick
	Silver Sees Choppy Behavior After Run Higher
	The markets continue to see a lot of things to cause headaches for those that are leveraged too drastically. . . .Christopher Lewis
	Seven Reasons To Add Gold To Your Portfolio
	The gold price hit an all-time high in Australian dollars last week, trading at more than AUD $3,100 per troy ounce (oz). . . . ABC Bullion- Australia
	War Wakes Gold Up
	This week, a firmer trend in gold continued as markets realised the seriousness of the deteriorating situation in the Middle East. . . . Alasdair Macleod
	Is the China Gold Rush Over?
	We began reporting China as a separate region in 1994 because we began to see the potential of this huge untapped market. . . .Barry Stuppler

The Gold price moved above $2,000 per ounce on Friday, based upon new military activities in the Middle East. Gold closed last Friday at $2,006 per ounce, up $25 on excellent volume. This is the fourth time Gold has moved above $2,000 in the past three years. The previous three times Gold sold-off, it declined back under $2,000. In light of those previous times we will wait a few days to confirm this breakout. I believe this time $2,000 will hold and become a support level.

On August 4th, 2020, Gold moved above $2,000, reaching a high of $2,070 on August 7th.

On March 8th, 2022, Gold rallied above $2,000, reaching a high of $2,070 per ounce that day.
On April 3rd, 2023, Gold moved above $2,000 and traded above and below that level for over a month, finally reaching a high of $2,078 per ounce on May 4th.

In April 2023, Gold traded above $2,000 for 30 days, but could not reach $2,100 per ounce, and sold-off to $1,830 by October. Gold’s recent price history makes it clear that Gold needs to make $2,000 a support level and move over $2,100 to remain long-term bullish.

Last week there were a number of strong U.S. economic reports and indicators that were released that put pressure on the value of precious metals. The U.S. Dollar remains strong and interest rates are high, but the Gold demand outweighs these negative factors. Investors await Wednesday’s monetary policy decision from the Federal Reserve. The Fed has raised rates by 5.25 percentage points since March 2022 in an effort to curb inflation.

Today: This morning Gold traded between $1,990 and $2,003 on Asian and European commodity exchanges. This is an important price level and it may take a few days for the exchanges to confirm the breakout.

Silver traded most of the week between $22.70 and $23 per ounce. When Gold rallied above $2,000 on Friday, Silver finally firmly moved back over $23. Silver closed last Friday at $23.10, down $0.22 for the week. Premiums on many of the popular Silver investment coins have dropped over the past month, as physical demand has decreased.
The Silver-to-Gold ratio has increased to 87-to-1, still an excellent investment opportunity.

Today: Silver showed more price support than Gold today, reaching a high of $23.69 before seeing some short-term profit taking. Silver is trading about $0.20 per ounce higher at this point in time.

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