Gold Sets All-Time High Of $3,431 And On A Roll

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Fueled by continued uncertainty about future tariffs and the Trump administration's actions, the Gold price moved higher, while the U.S. Dollar dropped further. During trading last week, while Gold was soaring higher, based on Central Banks dumping U.S Dollars for Gold, it was made clear the direction of the Gold price is up. Gold closed last Thursday at $3,327 per ounce, up $91 for the week and $197 for the month of April.

Barring any extraordinary geopolitical issues, trade or news coming from the Trump Administration, I can see the price of Gold consolidating around its recent highs. Hopefully, Gold will stay above $3,300 per ounce and build a firm base for the next leg higher. But strong demand from Central Banks and financial institutions could easily take the price past $3,500 within the next month.

Many of the popular U.S. and European physical Gold bullion plus coins have seen their premiums move lower in the past few months. The lower premiums were caused by profit-taking by long-term Gold owners and represent a great value right now.

Key Economic data to watch this week:
- Monday: March Producer Price Index (PPI)
- Tuesday: Consumer Confidence, Money Supply
- Wednesday: Inflation and Core Inflation Rate, March Retail Sales
- Thursday: Initial Jobless Claims

Today: Gold continued moving higher in Asian, Indian, and Middle Eastern markets last night, easily moving above the $3,350, $3,360, and $3,370 levels, reaching a high of $3,384 before seeing two-way trading. Around 11pm PT, or 7am London time, the Gold market got very active. By the time (10:30am GMT) when London sets the first fix Gold had moved to $3,400 per ounce. During afternoon trading in London and moving to U.S. trading, Gold reached its high of $3,431 per ounce.

Last week Silver traded between $32.07 and $33.10, closing at $32.47 on Thursday.
With the Gold price soaring, the Silver price is under-performing and needs to move above the $33 level this week to regain a bullish sentiment. The Silver-to-Gold ratio has moved higher, reaching 103.21-to-1.

Today: Silver reached a high of $33.18 in London, but couldn’t hold the important $33 level in U.S. trading and fell back to $32.80 on average volume.

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