Gold & Silver Build An Extraordinary Base During April

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During the month of April Gold traded between $1,970 and $2,055 as it continues to build a firm base for the next leg higher, over $2,100 per ounce. One of the bullish facts about April’s Gold trading, was every time Gold would test support around $1,970 per ounce, it would quickly rally back $20 or more on heavy volume. I believe it’s a sign of central bank purchasing
at a targeted level. The World Gold Council has reported record levels of Gold being purchased by the world’s largest central banks. Other bullish factors like Banking problems, inflation, a weak U.S. Dollar, and overwhelming demand for physical investment coins only confirm to me a major Gold rally is right around the corner.

This week there will be a Federal Reserve meeting on Wednesday. The financial markets are expecting the Fed to raise the Fed funds rate by a ¼ point and will announce there are no future increases planned. They will review the economic and inflation data during May and make future decisions based on that information. If the expected is accurate, it should be bullish for Gold and Silver prices.

Gold closed at $1,990 per ounce last Friday, up $9 for the week with excellent trading volume.
Physical demand continues to grow as many of the world’s largest mints are stepping up production.

Today: JPMorgan acquired all of First Republic’s deposits and a majority of its assets today. Regulators had taken possession of First Republic, making it the third American bank failure since March. On this news Gold reached a high of $2,006 before seeing professional trader short selling. It’s been very profitable for traders to short Gold over $2,000 and cover that position when it drops back to the mid-$1,980’s. That will not be a profitable trade much longer, Gold moving over $2,050 will fix that.

Silver closed last Friday at $25 per ounce, up $0.85 for the month. Last month Silver traded between $24.02 and $25.80 per ounce as it continues to build a firm support above $25.
During the month of April, Silver moved above three key resistance levels and kept on going. If Silver continues to lead precious metals higher, the next resistance level is $26 per ounce and that should happen this month. As Silver moves up faster than Gold, the Silver-to-Gold ratio dropped to 79.5-to-1 on Friday, still a great value.

Today: Silver followed Gold higher ($26) and lower in early trading, finding excellent support at $25. Demand for popular Silver investment coins as premium stay strong.

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