Gold & Silver Breakout Of A Trading Range & Set Short-Term Highs

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	Could There Be A New Universal Gold Backed Currency?
	Russia and China could be collaborating to create a new universal gold backed currency. . . . Dalton Brewster		An Optimistic Inflation Report Means That The US Dollar Just Had Its Worst Day In More Than 15 Years	The dollar had its worst day since at least 2005 after Thursday’s US inflation report surprised traders with slower growth in consumer prices, driving speculation that the Federal Reserve will ease the pace of its interest-rate increases. . . .Bloomberg		Physical Silver Drawdowns Surge On Global Bullion Exchanges	This is the tale of two markets rolled up messily into one. For starters, the international silver price is not really the price of silver. Surprised? I know I was. . . .Shivam Kaushik
	Is Crypto In Danger After LBRY’s Defeat Against The SEC?
	The crypto company behind a peer-to-peer digital marketplace, LBRY, lost its legal battle against the U.S. Securities and Exchange Commission (SEC). . . . Reynaldo Marquez
	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 "

On August 24th 2022, Gold traded at $1,766 per ounce, and took 10 weeks till Nov. 3rd for Gold to decline to the 2022 yearly low of $1,618. You can never say that the Gold price isn’t explosive, rallying back to the same level in just six trading days. Gold closed last Friday at $1,766 per ounce, up $94 for the week.

Why did Gold rally so much, so fast? A number of key factors:
1) The U.S. Dollar Index dropped from 113.39 to 106.42 in just one month.
2) U.S. 10-Year Interest rate dropped from 4.16% to 3.81% in just one week.
3) BitCoin dropped from $21,436 to $16,785 in just one week.
4) Confidents came back to equities, as the Dow Jones average rallied 2,700 points this month
5) The U.S. Inflation rate fall from the first time in six months.
6) Central Bank consumption of Gold is at record highs.

The Bureau of Labor Statistics said last Thursday that the inflation rate for the month of October fell to an annual rate of 7.7%, down from the 8.2% pace recorded in September and the 8.0% Street forecast. Interest rates and the U.S. Dollar sold off quickly, and equity and precious metal markets exploded higher.

The Gold price is clearly going in the right direction, but needs to build a firm base above $1,750 before trying to break the major resistance level at $1,800 per ounce. I believe, based on the inflation news that is released in December, we could see Gold approach the $2,000 price level.

Today: Gold briefly tested the $1,750 support level this morning, reaching a low of $1,753, before sizeable buying appeared the the price quickly rallied back above $1,770 per ounce. Even with the recent 7.6% increase, the world’s largest central banks continue to load up on Gold in November.

The Silver price over the past two weeks is up 13.2% ($2.52), compared to Gold being up 7.6% ($124.60) during the same period. The first five key factors shown for Gold rally are all major reasons that Silver is doing so well. Plus, read the “Physical Silver Drawdowns Surge” article link above. Many of the world’s largest mints are cutting their distributors allocations for many of the popular 2023 Silver bullion and numismatic products. This week the Silver-to-Gold ratio increased to 81.67-to-1 last week.

Today: Silver both tested support and resistance today. In today’s early trading, Silver reached a low of $21.50, right on support. Then, rallied with Gold and briefly broke above the $22 per ounce resistance level.