Gold Leads Precious Metals Higher As Interest Rates Soar

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The road to $2,000 per ounce for Gold got shorter last week as the Gold price increased by $30 per ounce, closing Friday at $1,972 per ounce. The extraordinary thing about Gold’s recent rally is that it happened as both the U.S. Dollar Index and 10-Year Treasury Bill interest rates are setting new 2-3 year highs. Equity prices, bonds, and Bitcoin declined last week, which was expected.

Last week the Labor Department reported that the consumer price index (CPI) surged 1.2% in March, the biggest monthly gain since September 2005. In the past 12 months through March, the CPI accelerated 8.5%. That was the largest year-on-year gain since December 1981 and followed a 7.9% jump in February. It was the sixth straight month that the annual CPI was over 6, and a strong indicator that serious inflation is here.

Some financial institutions (i.e., J.P. Morgan) believe we are at the start of an explosion in commodities. J.P. Morgan feels that we have another 30% to 40% upside for commodities from here. Why? Because of the sanctions on Russia and Ukraine’s inability to deliver wheat and other grains, we are seeing shortages and higher prices around the world. A spike up in food and energy prices could not only cause inflation, but it could result in government default on debt.

Today: Gold made an attempt to break through the key $2,000 per ounce resistance level this morning. Even in the face of continued higher interest rates and stronger U.S. Dollar, Gold’s rally focused on the escalating conflict in Ukraine which is driving extreme geopolitical concerns and attracting fresh safe haven demand for precious metals.

Last week, Silver moved back above the key $25 per ounce resistance level, closing Thursday (holiday weekend) at $25.60, up $0.83 for the week. The Silver price is being directly affected by the direction of the Gold price and inflation reports from around the world. I continue to believe that Silver will break the $26 level on its way to $30. The Silver-to-Gold ratio has dropped to 76.83-to-1.

Today: Silver rallied with Gold this morning, breaking through the $26 per ounce level and reaching a high of $26.11 per ounce before seeing short-term profit taking. Demand for popular Silver investment products remains strong and premiums are holding at a high level.