Gold & Silver Building A Great Base For The Next Leg Higher

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	The SEC Sues Binance, Unveils 13 Charges Against Crypto Exchange In Sweeping Lawsuit
	The Securities and Exchange Commission has filed 13 charges against Binance, the world's top crypto exchange, as well as its billionaire co-founder and CEO, Changpeng Zhao, who is widely know as CZ.... David Gura
	5 Reasons Gold And Silver Will Soar
	Under a certain market environment, precious metals are considered must-haves in a modern investment portfolio. . . . Rick Mills
	Divergences In Ratios Show Silver Is Undervalued
	Last week, Citigroup analysts published a report calling for silver to reach $30 per ounce within 9 months. . . . Jon Forrest Little
	A Majority Of Global Central Banks Now Expect Gold To Grow As A Reserve Asset While Views On The US Dollar Turn Dimmer
	Most central banks now expect gold to make up a greater share of reserves, World Gold Council found.... Filip De Mott
	Why Investing In Silver Can Be A Wise Financial Decision
	Investing in precious metals has long been considered a reliable strategy to diversify one’s investment portfolio. . . . pankaj@bansal

In late 2021, a small number of my regular Gold investors decided to switch their investment into Bitcoin. At that point Bitcoin was trading over $50,000 and Gold was in the $1,700s.
Last week we saw the SEC go after the major companies that deal in Crypto currencies. Binance and Coinbase are the leading market makers for many of the Crypto coins and the SEC has classified them as unregistered securities and is taking legal action against these companies. The big question for years is whether Bitcoin is a security or a commodity, and the SEC answered that question last week. For more details, please read the SEC Sues Binance article above.

I am starting to see many of those clients who invested in Bitcoin switching back to precious metals when they are able to get their money back.

Last week there were economic reports from China showing a sizeable slowing in consumer demand and in their economy, this news caused Gold to test the key $1,950 level a few times.

On the bullish side for Gold, according to economists polled by Reuters, the Fed will not raise interest rates for the first time in more than a year at its June 13-14 meeting.

Last Friday, Gold closed at $1,960 per ounce, up $7 for the week.

Today: This morning the U.S. Dollar Index rallied and Gold tested its $1,950 support level. Gold continues to build a firm base above the $1,950 level.

Silver has shown strong demand and was the precious metal leader last week. With the increase in many mint allocations, we are seeing premiums dropping, which makes many of the popular investment coins and bars more affordable. Silver moved above the $24 resistance level last Thursday and closed the week at $24.35, up $0.60 for the week. The Gold-to-Silver ratio continues to tighten to 80.5-to-1.

Today: As Gold sold off, Silver broke down below the key $24 support level. It’s important that Silver stays above the $24 level for the short-term direction of the Silver price.

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