GOLD SEES PROFIT TAKING AND RALLIES BACK ABOVE $2900

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Last Wednesday showed the extraordinary strength for Gold demand and price support. On Wednesday’s opening, Gold reacted to the Chairman Powell statement regarding no rush to cut interest rates and a higher than projected January CPI inflation report. The U.S. Dollar rallied on this news, but Gold immediately started dropping. Within an hour Gold reached a low of $2,860 per ounce, an $85 drop from the recent high of $2,945 per ounce. Then, the safe-haven buyers came back in high volume, the Gold price rallied, and Gold closed at $2,909. Wow, it appears that right now, the current rally has legs and negative news can only hold down the Gold price for a short period.

Interest rates, CPI and the U.S. Dollar are all short-term issues, but the chaos being caused by President Trump and his allies will stay with us for years. Over thousands of years, Gold has proven to be the best asset to own in times of uncertainty and chaos. The sizeable buying of Gold isn’t just coming from the U.S., worldwide demand is driving this market. As I watch Gold trade from Asia, Middle East, Europe, and the U.S., I see aggressive buying whenever the Gold price sells off or make a new all-time high. Sellers in many countries are reporting very low Gold inventories or being sold out. I expect to see a little consolidation above $2,850/$2,900 before the next attempt to break $3,000 per ounce and rise beyond.

The U.S. Commerce Department reported on Friday that retail sales dropped sharply last month, falling 0.9% following December’s revised 0.7% increase. This news started a Gold sell-off. On Friday, in late trading, we saw the heavy volume of sales driving the Gold price lower. It was about time for Gold to see profit-taking, but the short-term and long-term direction of the price is higher. Gold closed Friday at $2,883 per ounce, down $44 for the day, but up $13 for the week. Since Monday is a holiday in the U.S., the way that Asian and European markets react to Friday’s sell-off is very important.

During Monday trading in Asia, the Midde East, and Europe, Gold saw excellent demand and moved back above $2,900 per ounce, a weak U.S. Dollar helped the rally.

Economic data to watch this week:
Wednesday: U.S. Housing Starts and Building Permits, FOMC meeting minutes
Thursday: U.S. weekly jobless claims

Today: After a long holiday weekend of trading, Gold moved back into the U.S., trading at $2,900 and reaching a high of $2,934 this morning before seeing some light selling. I am seeing excellent price support for the $2,900 level worldwide, which means $3,000 is coming very soon.

Silver reached a 2025 high of $33.25 on Friday before seeing serious profit taking. However, Silver closed on Friday at $32.20, up $0.35 for the week. I still believe $35 is a strong short-term target for the Silver price.

Today: Silver reached a high this morning of $32.95 in late London trading and has seen light profit taking in the U.S. market, but is holding well above the $32.50 level.

After almost two years of low price appreciation, the rare coin market is starting to show some excellent price increases. U.S. rare Gold/Silver coins can be defined as any coin with a premium over 20% more than the precious metal value. The market is vast, but a section of the market that has the best potential is the rarities. These are PCGS/NGC certified Gold/Silver coins with high grade (MS65 or higher) and low grading service populations. Current values on many of these are at the same price levels as two years ago, when Gold was $1,900 and Silver was $23 per ounce. With Gold and Silver at their current levels, buyers are coming back. Recent auction prices in January showed the market is staring to rally.

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