GOLD & SILVER CONTINUES BUILDING A BASE

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Last week was definitely exciting. It started with a $96 move on Monday, Tuesday, and Wednesday and ended the week with an $81 sell-off on Thursday and Friday. Gold closed on Friday at $2,650, up $15 for the week.

Last week’s Gold rally was due to the uncertainty caused by the fall of the Syrian government and an impressive Consumer Price Index (CPI) report showing that core CPI rose 0.3% on a month-on-month basis which is only 3.3% annually. Gold’s sell-off was caused by a disappointing Produce Price Index (PPI) on Thursday and a strong U.S. Dollar with the Index moving over 107 on Friday.

This week has the following make or break U.S. economic reports being released:

• Tuesday: November U.S. retail Sales
• Wednesday: Federal Reserve interest rate decision
• Thursday: Jobless Claims and November home sales
• Friday: Core Personal Consumption Expenditures PCE (year-over-year)

These U.S. economic reports are key to how the Gold price will close by the end of 2024.

Regardless of whether Gold ends the year at $2,600 or above $2,700 per ounce, this will be an excellent year for Gold investors. Gold started the year at $2,062 per ounce and never had a trading day where it closed below $2,000. It will be a record year for demand, with central bank buying at all-time record highs. Based on the current geopolitical condition in the U.S. and world debt problems, I expect 2025 to be another record year for the price of Gold.

Today: Gold traded this morning between $2,643 and $2,666 per ounce as it continues to build a firm base around the key $2,650 per ounce support level. A strong U.S. Dollar (Index above 107) kept Gold from breaking out. Everyone is waiting to see this week’s U.S. economic reports mentioned above.

Last week, Silver traded between $30.37 and $32.95 per ounce as it followed Gold to build a firm base. Silver closed last Friday at $30.51, down $0.46 for the week. The Silver-to-Gold ratio remained 86.59-to-1. The U.S. economic reports being released this week will give direction to the year-end Silver price.

Today: Silver traded today between $30.41 and $30.81 per ounce, awaiting direction from the Gold price. Silver needs to move above $31 per ounce to stay short-term bullish.

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