Gold & Silver Break Out Of Resistance And Move Higher

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	India’s Massive Silver Demand Cutting World’s Warehouse Stocks
	A worker inspects silver granules at the ABC Refinery smelter in Sydney, New South Wales, Australia, on Thursday, July 2, 2020. . . .Swansy Afonso and Sing Yee Ong
	Swiss Imports Of Russian Gold Are At A Record High
	“Gold is the only safe haven asset, and the monetary standard by which all currencies, extant and defunct, have been measured for at least 5,000 years. . . . Dalton Brewster
	Central Bank Gold Purchases Set An All-Time High Why Aren't Bullion Prices Rising?
	Central banks purchased a record amount of gold in the third quarter of 2022, . . . Piero Cingari
	Who Are The Mystery Buyers Responsible For Central Bank Gold Boom?
	Unmarked gold bars at a gold and silver refinery operated by MMTC-PAMP India Pvt. Ltd., in Nuh, India, on Wednesday, Aug. 31, 2022. . . . Eddie Spence
	Rothbard on Gold
	What would people use for money in a genuine free market? . . . Llewellyn H. Rockwell Jr. "
	COMEX Silver Vault Inventories Continue To Be Depleted
	Last week began with a big rally in the daily silver prices, up nearly +9% this past Monday alone. . . .James Anderson"

Gold’s volatility is getting exciting. Last week Gold reached a new 2022 low of $1,614, then rallied, closing on the monthly high of $1,672 per ounce. The Gold market’s explosive reaction to the yearly low could be an excellent positive indicator. If Gold can establish a new trading range between $1,650 and $1,700 next week, that could be the end of the recent market decline. Also, if Gold can break above the $1,700 level and stay there for a minimum of three trading days, we would be back on a bullish cycle.

Last Friday, the U.S. Labor Department showed a surprise increase in the October’s nonfarm payrolls of 261,000 jobs, and the unemployment rate moved higher to 3.7%. This news could help make the Federal Reserve choose not to increase interest rates in December. Gold and Silver immediately rallied on the news with Gold reaching a high of $1,677.

The big question is, what will our economy and the inflation rate look like in January? I believe we will see a sharp increase in unemployment, or strong indications that our inflation rate is dropping and that will be highly bullish for precious metals. History has taught me that if I am right, Gold will have already rallied at least 10% by that time. Gold, at the current price level, represents an extraordinary value, and I recommend adding to your holdings of Gold and Silver on the current price weakness.

Today: This morning, Gold showed excellent price support above the $1,667 level and rallied back to Friday’s highs on excellent volume. Today’s strength in the Gold price has interest rates remaining near their recent highs

Silver exploded through the $20 major resistance level last Friday, as the Gold price moved up sharply. Silver reached a high of $20.94, and closed at $20.76, up an unbelievable $1.64 for the week. I would expect to see Silver retest the key $20 level this week, and if it holds, the resistance level would change to a support level. We have posted a number of articles on mintstategold.com on Silver’s heavy demand and shortages of supply at many of the world’s largest commodity exchanges and warehouses. The Silver-to-Gold ratio dropped again to 80.67-to-1 last week.

Today: Silver showed better price support than Gold over the weekend, as it tested the $21 per ounce resistance level, reaching a high of $21.11 before seeing some short-term profit takings.