Gold & Silver Bottom Out And Are Now Back On The Bullish Track

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Last week, Gold closed above the important $1,500 per ounce level all five trading days. Gold closed on Friday at $1,507.40 per ounce, up $16 for the week. After reaching a September high of $1,556 and a low of $1,482, I believe Gold is now building an excellent base above $1,500.

Gold trading last Wednesday, Sept 18th, was very important as it built a great foundation for the short-term direction of the Gold price. When the Fed Chairman made his announcement about the state of the U.S. economy and lowering the Fed’s interest rate a quarter point, Gold was trading at $1,508 per ounce. Although, there was nothing unexpected said, the bears took control of the market right after the press conference and the price of Gold started falling, reaching a low of $1,482 per ounce. At that point, major buying appeared and the price moved back up to $1,507 per ounce before the close. I think that will be the last unsuccessful attempt by the bears to breakdown the Gold price below the key $1,480 resistance level.

Lowering interest rates and ever increasing massive world debt, combined with a weaker U.S. Dollar on the horizon, are all the ingredients necessary for higher Gold prices regardless of what happens with our Chinese trade war and the geopolitical problems. I think we will see Gold reach $1,600 before the end of October.

Today: Rising tensions in the middle east between Iran, Saudi Arabia and the U.S. have caused Gold to jump $10 per ounce. The U.S. announcing over the weekend that it would send troops to Saudi Arabia following the drone attacks and the Iranian president warning on Sunday that foreign forces are threatening the security of the region continued to increase demand for safe haven investments, particularly Gold.

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After reaching a 2019 high of $19.40 on Sept 4th and a recent low of $17.32 on Sept 13th, I believe the correction is over. Last week, during the five trading days, Silver closed between $17.72 and $18.03 per ounce, consolidating its 2019 gains from a low of $14.90 per ounce. Silver ended last Friday at $17.73 per ounce, up $0.28 for the week. The Silver-to-Gold ratio declined to 84.88-to-1 last week.

During the past two weeks, Silver has not been the precious metal price leader. Gold assumed that role, but I believe it’s about to change back to Silver. I believe we will see high volatility come back to the Silver market, as it works its way up to $20 per ounce by year end. It is believed that JP Morgan has acquired about one billion ounces of Silver, and there is no indication that they have sold any recently. It’s not clear who is the owner of this $20 Billion worth of Silver, a country or a large financial institution, but they have significant control of the world’s Silver price.

Today: The Silver price exploded higher in Asian and European trading overnight. The buying continued when the U.S. markets opened (over $0.70 per ounce) on excellent trading volume. This increasing volatility in the Silver market caused Silver to reach $19.40 earlier this month, and it wouldn’t be surprising to see it do so again.

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