GOLD & SILVER CONTINUE TO BUILD A FIRM BASE

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	U.S. Mint Bullion Coin Revenue Falls 12.8% In FY 2023
	U.S. Mint sales of American Silver Eagles surged in FY 2023....Mike Unser
	Will Silver Catch Up With Gold
	Precious metals have been in the news again in recent months, linked to new highs for gold....XTB Research
	Real Estate, Stocks Lose Appeal In China As People Shift To Saving Gold
	People in China prefer gold and bank deposits over properties and stocks as they seek security....Minh Hieu
	75% Of German Investors Believe Gold Is A Useful Portfolio Addition
	Various studies, such as the recent “Gold as an asset class for institutional investors”.....Arnulf Hinkel, Financial Journalist
	Chinese Wholesale Gold Demand Sets January Record
	Chinese gold demand kicked off 2024 with a bang.....Mike Maharrey

Gold traded last week between $2,015 and $2,043, closing the week at $2,035, up $22 for the week. Since December 14th, 2023, with the exception of 2 days, Gold has traded over $2,000 per ounce, that is 49 trading days. Why is that important? Gold establishes a firm base for the next leg higher. During this period, both investors and central banks have acquired hundreds of metric tons of Gold bullion and coins at the current price level.

During the last week, we heard hawkish minutes from the last Federal Reserve’s policy meeting. The negative effects of those minutes were outweighed by a weaker U.S. Dollar trading at a 3-week low, under 104. Of course, the Middle East and Ukrainian wars are still driving investors to increase their safe-haven demand.

Today: Gold sold off this morning on profit-taking following last week’s rally. Gold reached a low of $2,024 before finding buyers. Investors are looking forward to Thursday when the Fed’s favorite inflation indicator will be released. The January personal consumption expenditures will be released.

With Gold up $22 last week, Silver’s price performance last week was very disappointing. With Gold over $2,000, Silver, based on history, should be over $30 per ounce. However, Silver isn’t the only precious metal undervalued. Platinum and Palladium are also trading at ridiculously low levels. The primary reason for this is Central Bank inventories. Central banks aren’t aggressive buyers of these metals, while they are actively building their Gold holding.
Silver closed last week at $22.95, down $0.49 per ounce. The strong demand for Gold has driven the Silver-to-Gold ratio down to 89-to-1, still an extraordinary level.

Today: Silver followed Gold lower this morning, briefly breaking below the $22.50 support level.
Silver has been trading between the $22.50 to $23 per ounce levels, with resistance at $23 and support at $22.50.

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