Gold & Silver Bouncing Off Recent Lows On Good Volume

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Last week was full of weak economic and strong inflation news from Europe, Asia, and the United States. Strong inflationary news, combined with the resignation of Prime Minister Boris Johnson, caused the Euro to sharply decline versus the U.S. Dollar. The U.S. Dollar Index has reached a 20-Year high of over 107.75, which has put pressure on Gold and Silver prices.

Last Friday, the non-farm payroll numbers for June were reported up 372,000, versus market expectations for a rise of 250,000 and compared to the 390,000 gain in the May report. The unemployment rate in June was 3.6%. This news initially drove the Gold price down to $1,730, then serious buying appeared and briefly took the price back over $1,750.

Gold closed last Friday at $1,740.80, down $61 per ounce for the week. That is the lowest price Gold has traded at since September of last year. I believe we will see heavy central bank buying reported for the months of June and July. It’s been reported in New Delhi newspapers that India investors have been aggressively buying Gold at bargain levels over the past month.

Today: The U.S. Dollar Index continued its move higher this morning, reaching a high of over 108. That rally put pressure on the Gold price, reaching a low of $1,734 in European trading. Gold traded today in a narrow range between $1,734 and $1,744 per ounce.

Last Friday, on the stronger than expected non-farm payroll news, Silver briefly reached a low of $18.93 per ounce. Silver closed trading on Friday at $19.20 per ounce, down $0.42 Silver is currently trading at a 1 ½ year low and demand is strong for bullion and many of the popular Silver bullion plus coins. The Silver-To-Gold ratio closed last week at the unbelievable level of 90-to-1.

Today: Silver followed Gold lower in early trading, reaching a low of $19.11 per ounce. Silver reached a high of $19.43 per ounce as Gold moved higher.