Gold & Silver Building A Firm Base For Next Move Higher

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	Gold Prices Holding Near Session Highs As U.S. Housing Starts Increase 4.6% In June
	The gold market continues to trade in relatively neutral territory, holding initial support above $3,350 an ounce, even as the U.S... Neils Christensen
	Silver Seen Poised For Further Gains As Gold Price Peaks
	Silver will extend its rally past $40/oz in the coming months as physical supplies tighten and investment demand grows... Carl Surrane
	Gold Tipping Up, Platinum Leaping Up
	Gold tipping up early Wednesday as the dollar slipped from a one-month peak and Treasury yields slid, while spot platinum is leaping to a near ten-year high, near $1500 an ounce... Dillon Gages
	Russia’s Central Bank May Be Boosting Silver Prices Through Undeclared Purchases
	Silver prices may be benefiting from undeclared but substantial buying by Russia’s central bank, according to journalist Tim Treadgold... Ernest Hoffman
	95% Of Central Banks Say They Will Increase Gold Reserves
	95% of central banks say they will increase their gold reserves... King World News
	Trillions In New U.S. Debt Will Push Gold Prices Higher Even Without A Fiscal ‘Crisis’
	Gold prices will benefit from soaring U.S. deficits and mounting fiscal instability, even if no near-term crisis occurs, according to analysts at the World Gold Council (WGC)... Ernest Hoffman

Last week, Gold traded in a narrow range from a low of $3,310 to a high of $3,385 per ounce. This is an excellent example of building a base to provide support for the next leg higher. Gold closed the week at $3,351 per ounce, down $6 for the week.

By last Friday, Gold moved back above the $3,350 per ounce resistance level as the U.S. Dollar Index moved lower and the Treasury yields dropped. Central bank purchases of Gold continue to increase on any drop towards the $3,300 level. If Gold can stay above $3,350 this week and trade between $3,350 and $3,400, it would be an excellent sign that the bull market continues.

The focus of many Gold traders in various commodity markets around the world is U.S. tariffs, possible trade wars, as well as real wars in Ukraine, Israel, and Syria. The uncertainty that these issues cause drives investors to safe-haven investments, Gold being the primary beneficiary, but Silver, Platinum, and Palladium are seeing increased demand also.

Key Economic data to watch this week:
The week of July 21st to 25th, 2025
- Wednesday: June Existing home sales
- Thursday: June Initial jobless claims, June New Home Sales
- Friday: June Durable goods orders

Today: Today we were looking for another test of the key support levels or a move to a higher trading range before the next breakout. Gold briefly broke below the key $3,350 per ounce level, but quickly moved back above. For most of today’s trading, Gold has been above $3,355 and showing excellent support and demand.

Last week, Silver traded from a low of $37.75 to a high of $39.23 as Silver reached a new 13-year high. Silver broke out above the key $38 per ounce resistance level, leading to massive short-covering and fresh buying. Many investors in China, India, and Russia are looking at Silver as an alternative to Gold because of its bargain price and its high ratio to the Gold price. Silver closed Friday at $38.26 per ounce, down $0.41 as the price traded with lots of volatility.

The pending Copper tariff, effective August 1st, 2025, has increased demand for both Copper and Silver. Remember that Silver production is mostly a by-product of Copper mining. Any cut in Copper production will lead to shortages in Silver supply.
Silver needs to stay above the $38 per ounce level this coming week to build a firm base for the next leg higher, towards $40 per ounce. The Silver-to-Gold ratio moved higher to 87.58-to-1.

Today: Today, Silver bottomed out at $38 per ounce, and moved higher from that level.
Silver continues to show excellent demand and has traded for most of the day above the $38.40 level.

Both Platinum and Palladium, after over 10 years of light demand and bearish prices, have shown some life this year. Since 2015, Platinum for the most part traded under $1,000 per ounce, with very light demand. In May and June, the Platinum price started moving higher when Gold reached the $3,500 per ounce level. If Platinum can stay above the $1,400-$1,500 per ounce level in August on good trading volume, I will probably make a recommendation to buy.

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