Gold & Silver Continue To Test Their Resistance Levels

CLICK HERE FOR NEW Morgan Silver Dollars

CLICK HERE FOR NEW Peace Silver Dollars

CLICK HERE FOR NEW $20 Gold Saint Gaudens

	China’s Central Bank Says All Cryptocurrency-Related Activities Are Illegal ; Vows Harsh Crackdown
	China’s central bank renewed its tough talk on bitcoin Friday, calling all digital currency activities illegal and vowing to crack down on the market . . . . Ryan Browne
	Silver Institute October 2021
	Silver's Role in Global Connectivity Expected to Grow 10 Percent from 2020 to 2025 . . . . Silver Institute
	The California Gold Rush
	Other than the Civil War, few historical events of the 19th century in the United States command such interest . . . . James Steel
	China's Jan-Sept Gold Consumption Up 48.4% Y/Y At 813.59 Tons
	China's gold consumption in the first nine months of 2021 rose 48.4% on the year . . . . Reuters
	2022 Will Be A Good Year For Gold
	India demand for gold in Q2 FY22 jumped 47% YoY to 139.1 tons . . . . Puneet Wadhwa
	Gold Imports Touch A Decade High Level Of $23.9 billion In H1
	With the economy gradually normalising, the strong momentum in gold imports is expected to continue . . . . BusinessLine

Gold ended October at $1,783 per ounce, up $27 for the month, but under the key $1,800 price level. During last week, Gold traded between $1,772 and $1,813, and above the key $1,800 level all five days, but failed to close at that level on Friday. On Friday, Gold appeared ready to break out, but a sharp rally in the U.S. Dollar didn’t help.

Last week’s news was very bullish for precious metals, as many Central banks were aggressively adding Gold to their country’s reserve. Plus, many of the world’s largest commodity depositories are seeing large withdrawals of precious metals causing shortages for exchanges. This was happening as many of the largest countries were reporting increases in both labor and product pricing, which is highly inflationary.

I have actively traded precious metals since 1973, when Gold broke above $100 per ounce, and Silver went up 60% to a unbelievable $3.14 per ounce. During those 48 years, I’ve monitored technical, fundamentals and economic news and reports that would affect the future price of Gold and Silver. Based on what I’m seeing now, I believe we will be seeing a major rally in precious metals very soon, and I am trying to build our inventory levels. The major problem I’m having is locating many of the popular Gold and Silver investment products, as premiums continue to rise.

Today: Gold moved above the $1,790 level in European trading on a weaker U.S. Dollar (below 94). As trading rolled into the U.S., Gold reached a high of $1,797, before seeing light selling.

Silver closed the month of October at $23.91 per ounce, up $1.87 for the month. Silver reached a high of $24.92 on October 22nd, before seeing some short-term profit taking. Silver will probably lead this inflationary precious metal rally. $24 is the short-term resistance level for Silver right now and $25 per ounce is the break-out barrier. Because of the heavy demand for many of the popular physical investment coins, the premiums were higher again last week. The Gold-To-Silver ratio is trading at 74.5-to-1 right now. Down from 78-to-1 at the beginning of October.

In this Weekly Market Report, there is an excellent report from the Silver Institute, that is well worth reading.

Today: Silver is showing excellent demand and is trading above and below the key $24 level most of today. Premiums on popular Silver investment coins continue to increase based on strong demand and shortages in supplies.