GOLD REACHES A NEW ALL-TIME OVER $3,055 PER OUNCE

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Gold reached a new all-time high of $3,055.80 per ounce on the Federal Reserve Chairman’s remarks last Thursday about two more interest rate cuts later this year.
Gold tested the key $3,000 per ounce support level on Friday based on an increase in the value of the U.S. Dollar, selling down to $2,996 before rallying back on high volume, especially for a Friday.

Last Friday, Gold closed at $2,994.50 per ounce, up $165 in March and up $387(14,6%) for the year. Friday was Gold’s second unsuccessful attempt to break below the key $3,000 support level.

Both the political situation in Washington D.C. and the geopolitical problems around the world continue to cause chaos, driving heavy demand for Gold on any market weakness. The potential tariffs scheduled for April 2nd are still causing uncertainty about the future of our country and its economy. Gold could easily move to $3,100 per ounce after the tariffs are announced.

Something to think about:
It took 38 years for the Gold price to move from $35 to $1,000 per ounce.
It took 14 years for the Gold price to move from $1,000 to $2,000 per ounce.
It took 3 years for the Gold price to move from $2,000 to $3,000 per ounce.
The Question is: How long will it take the Gold price to reach $4,000 per ounce?
My answer to the question is, based on the geopolitical programs around the world and what is currently happening within the U.S., it will happen within the next two years..

Key Economic data to watch this week:
- Monday: February CPI
- Tuesday: February U.S. Trade Balance, February New Home Sales
- Wednesday: February Core Durable Golds
- Thursday: February Money Supply, February Jobless Claims

Today: In overseas trading last night, Gold traded between $3,003 and $3,033 per ounce. A stronger U.S. Dollar is putting some pressure on the Gold price. Gold continues to be bullish, testing the key support level and trading in a tight range. After a short period of consolidation above $3,000, it should be on the way toward $3,100.

Last week’s trading was not a winner for Silver. Even with a $20 increase in the Gold price, Silver was down $1 per ounce, closing Friday at $33.02 on excellent trading volume.

Silver had a difficult time staying above the important $34 per ounce level and broke below it three times during the week. Asian and Middle East demand remains strong, but we are seeing selling in Europe and U.S. markets. With last week’s increase in Gold and the drop in Silver, the Silver-to-Gold ratio has increased this week, to over 90-to-1.

Today: Silver traded today between $32.85 and $33.29 all day in both overseas trading and the U.S. Trading has a bullish bias, and should be back above $33 this week. Demand for physical metal continues to pick up and premiums have stopped falling and are moving higher on many popular investment coins and bars.

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