Gold Continues to Build a Firm Base Above the $1,750 Level

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	China’s Central Bank Says All Cryptocurrency-Related Activities Are Illegal ; Vows Harsh Crackdown
	China’s central bank renewed its tough talk on bitcoin Friday, calling all digital currency activities illegal and vowing to crack down on the market . . . . Ryan Browne
	India Still Showing V. Strong Gold Demand
	The importance of the high gold export levels to India should not be under-estimated . . . . Lawrie Williams
	India’s Gold Market In August: Imports Hit Five-Month High As Retail Demand Strengthened
	Gold fell slightly during August, in US dollars, on modestly firmer interest rates following strong US jobs data . . . . Mukesh Kumar
	Biden Sanctions Cryptocurrency Exchange Over Ransomware Attacks
	The Biden administration on Tuesday will unveil sanctions against a cryptocurrency exchange . . . . Reuters
	Gold and Silver Both Drain from COMEX Inventory
	Gold and silver have both significantly drained from the Comex inventory since August 1 . . . . SchiffGold
	100 Years Ago, Henry Ford Proposed ‘Energy Currency’ To Replace Gold
	Bitcoin appears to meet the definition of an energy-backed currency . . . . Sam Bourgi

Last week Gold tested the $1,750 level on both Thursday and Friday, reaching a low of $1,737.50 before finding sizeable buying from central banks and bargain buyers. The Gold price support we saw last week was in the face of a strong U.S. Dollar and higher interest rates. Gold closed last week unchanged at $1,750 per ounce. While Gold continues to have strong long-term fundamentals, it’s the short-term professional trading that lacks directions. However, we have recently seen two new bullish facts that should provide positive short-term direction for precious metals. (Complete Article available above.)

1) China’s central bank says all cryptocurrency-related activities are illegal

2) Gold and Silver both drain from COMEX Inventory

Over the past year or two, I have advised customers against investment in any form of Bitcoin but have seen a small number of our Gold investors diversify into Bitcoin. After the recent announcement by President Biden on Bitcoin sanctions and then last week seeing China make Bitcoin trading illegal, I’m seeing these clients coming back to Gold and Silver.

Today: Gold is trading this morning in a $10 High/Low range from $1,749 to $1,759 per ounce as it builds a strong base after the recent decline. Physical and futures demand is picking up around the world.

Silver followed Gold lower last Thursday and Friday, reaching a low of $22.09 (a 2021 low) but closed at $22.39 per ounce, up $0.09 for the week. The Gold-to-Silver ratio last Friday remains at 78-to-1, a very attractive level to increase a Silver position.

Today: Today, Silver is showing more price support than gold and has it firmly moving above the $22.50 level on excellent demand. Many popular Silver investment items are in short supply as mints around the world have a difficult time finding supplies.