Gold & Silver Continue Price Consolidation In Trading Range

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	Silver Prices Lag Gold's Gains as WHO Weighs Coronavirus Emergency BoE and US Fed Keep Low Rates Unchanged
	Gold and Silver prices rose in London's bullion market on Thursday, trading at $1579 and $17.85 per ounce respectively. . . .Adrian Ask
	Here’s Where Gold Will Be in 2026
	Even without the latest geopolitical tensions, gold is poised for a historic run . . . . James Rickards
	Gold Demand Trends Full Year And Q4 2019
	Annual gold demand dips to 4,355.7t. Gold demand fell 1% in 2019 as a huge rise in investment flows into ETFs. . . .Gold Hub
	Silver Prices Likely to Go “Exponential” – Guggenheim Co-Founder
	Silver prices are likely to go “exponential again” according to Guggenheim Partners co-founder. . . .Mark O'Byrne
	Global Gold Holdings Hit Seven-Year High as Investors Take Cover
	The global stash of gold held in exchange-traded funds has hit the highest level in seven years. . . .Ranjeetha Pakiam - Bloomberg News
	CBO: US Budget Deficit To Break $1 Trillion In Fiscal 2020
	The U.S. budget deficit is on track to break $1 trillion in 2020, the Congressional Budget Office (CBO) said Tuesday. . . .Jeff Cox
	BoA: Palladium To Hit $3,500 Before This Rally Is Over
	Palladium prices are seeing some profit taking Monday as prices settle down after hitting a new record high. . . . Neils Christensen - Kitco News
	There’s No Fever Like Gold Fever, Except Of Course – Silver Fever!
	Silver tends to get lost in gold’s spotlight but there are reasons to consider adding silver. . .Dan Krutz
	Why Germany Is Going To War With Gold
	Owning gold is a way to get out of this “debt trap”, but governments don’t want you to own gold. . . .Tyler Durden

The latest reports say nearly 14,000 (mostly Chinese) are afflicted with the coronavirus and over 300 have died. The world financial markets and precious metals are reacting to concerns that this virus could affect global businesses. Last week, the U.S. Dow/Jones dropped over 700 points, the 10-year treasury yield dropped to 1.51%, while the value of the U.S. Dollar also dropped. Gold has increased $23 since the coronavirus was declared an international problem. Why? Because concerns of a global slowdown will dramatically effect world economic growth. The CBO stating the U.S. budget deficit will reach $1 trillion this year was also a contributing factor to Gold’s rally. Gold closed the week at $1,583 per ounce, an $11 increase for the week.

What keeps me up at night?
A possible decision by our government to increase reportability on purchases and sales of precious metals. This is happening in Europe right now. Read the above article about Germany’s war with Gold. I believe by next year Gold will hit a new all-time high, above $1,920 per ounce. When or before that happens, I believe there will be a legislator, or an employee of the IRS who will request or propose legislation that will result in new government regulations on precious metal owners. (i.e., limits on amounts that can be purchased without confirmed I.D. (see German article) or requiring a form 1099 when owners sell any bullion items).

However, when it comes to the topic of Gold confiscation: at this point in time I’m not as concerned about it because too many states have proposed or passed legislation to make Gold legal tender.

Today:
Gold reached a low of $1,568 per ounce in early Asian trading before finding bargain buying.
Gold re-tested recent lows on this morning's announcement that the ISM manufacturing data showed a strong increase. Gold has rallied back above the $1,575 level.

In the January 7th, 2019 Weekly Market Report, when Gold was trading at $1,285 per ounce, I made the following prediction: “I believe we will see the price of Gold reach $1,480 by year-end, a 16% increase for 2019.” Gold closed the year at $1,519.50, an 18.87% increase, reaching a high during the year of $1,555 per ounce.

Today, based on the following four primary facts:

1) Sizeable increase in physical Gold demand from Central Banks and major investors

2) Low interest rates in the U.S. and around the world

3) Extraordinary government deficits and growing debt

4) The U.S. Federal Reserve’s latest quantitative easing monetary policy

I believe we will see the price of Gold reach $1,750 per ounce by year-end, a 15.2% increase for 2020.

Last week, Silver trading had substantial difficulty and far more volatility than Gold, to end the week down $0.08, at $17.97 per ounce. During last week’s trading, Silver broke below the key $17.50 per ounce support level a couple of times, reaching a low of $17.24 last Wednesday.
Silver finally broke through the important $18 per ounce resistance level the next day, as Gold rallied $13 per ounce, but couldn’t hold that level on Friday. The Silver-to-Gold ratio has increased again, reaching 88.09-to-1 ounce of Gold.

Today: This morning the Silver price is moving hand-in-hand with the Gold price decline. Silver reached a low of $17.54 before finding buyers. Silver continues to trade in the $17.50 to $18.00 per ounce area, building a strong base for the next leg higher.

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