Gold & Silver Break Support Levels Of $1,500 And $17 Oz

	As Silver Nears $17, Is It Time To Buy?
	It’s been yet another volatile week in the metals complex, with gold (GLD) and silver (SLV) losing a little of . . . . Taylor Dart (Read More)
	Gold Demand: A Different View
	Most market observers are aware that China is the world’s largest gold-consuming nation. However, a . . . . Patrick Heller (Read More)
	China Gold ETF Asset Management Reaches An All-Time High Of 17 Billion Yuan
	SMM news: boosted by strong gold ETF inflows, as well as the growth of gold reserves in central banks around . . . . Interface News (Read More)
	October Sets Gold Investing's Best Run In 7 Years
	GOLD INVESTING among private individuals outpaced investor selling by a wider margin in October . . . . Adrian Ash of BullionVault (Read More)

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Strong U.S. economic indicators and improvement in China-U.S. trade talks rallied world equity markets last week. This caused Gold to reach a low of $1,457 per ounce, testing the major support level of $1,450 per ounce. Gold closed the week at $1,461.30 per ounce, down a whopping $48.50, the largest single week correction this year. I believe this is the final clean out before our year-end rally and an unbelievable opportunity to add Gold to your holdings.

The primary issue is what Trump’s administration had agreed to give China, despite the announcement last Thursday from Beijing that the two countries had mutually agreed to roll back tariffs as part of a “phase one” trade accord. White House economic adviser Larry Kudlow confirmed the advance in negotiations, telling Bloomberg that “if there’s a phase one trade deal, there are going to be tariff agreements and concessions.” However, on Friday the President stated they had not agreed to roll back on tariffs.

Today: Gold briefly broke below the key $1,450 per ounce support level this morning in Asian trading. Gold quickly rallied $6 on excellent volume to $1,456 per ounce when opening in Europe and the U.S. markets.

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Last week was truly ugly for Silver investors, with Silver dropping $1.23 per ounce (6.82%). After reaching a low of $16.62 on Friday, Silver closed the week at $16.78 per ounce, the lowest price since early August. Many professional traders sold Silver contracts short when it broke the important $18 level and continued short selling as it broke $17.50 and $17.00 per ounce. There was substantial short covering on Friday when Silver found support above $16.60 per ounce. The Silver-to-Gold ratio increased to 86.96-to-1 and is heading lower.

Today: Silver dropped with Gold, reaching a low of $16.59 before seeing a significant rally. Silver is currently trading above $16.80 per ounce.

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