GOLD & SILVER CONTINUES TO CONSOLIDATE AT SUPPORT LEVELS

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	Gold Drops To Session Lows As U.S. Pending Home Sales Spike 8.3% In December
	Gold prices fell to session lows after the U.S. housing sector surprised to the upside last month . . . .Kitco News
	Why Was Gold Up In 2023, But Not Silver?
	For the year 2023, the price of gold rose on the COMEX 13.5% against the US dollar, while silver only increased 0.5%. . . .Patrick A. Heller
	Silver Gained As The Dollar Fell And Treasury Yields Narrowed Ahead Of Key Data
	Silver prices recorded a significant gain of 1.29% yesterday, closing at 71869, buoyed by a weakening dollar and a narrowing of treasury yields ahead of key economic data releases.... Kedia Advisory
	Does China’s ‘Nonstop’ Gold Purchase Show A Shift Away From US Dollar?
	China’s central bank added 225 tons of gold to its stockpile in 2023.... Kazim Alam
	India Imported 800 Tons Of Gold In 2023
	According to Metal Focus report, the gold bullion imports by India surged higher by nearly 12% from 715 tons in 2022 to almost 800 tons last year.... Paul Ploumis

Last week, Gold traded between a low of $2,015 and a high of $2,039 per ounce all week. Gold closed on Friday at $2,017 per ounce, down $12. Last week made a total of 29 trading days that Gold has been above $2,000 per ounce. That is a excellent example of precious metal price consolidation and building a firm base/floor of $2,000 per ounce as we move into February.

During last week, we saw a number of world and domestic economic and consumption reports that affected the price of Gold. On the negative side, the personal consumption expenditure price index (PCI) for December was released by the U.S. Commerce Department. That report showed an increase of 0.2% on the month and was up 2.9% on a yearly basis. Also, the CME FedWatch Tool, an excellent indicator of professional trader’s opinions, now shows that investors aren’t betting on the Fed rate cuts to start until May.

The positive side is world Gold consumption. Many of the world’s central banks {i.e., China, India, Singapore, Poland, Turkey, and Egypt) are reporting record Gold demand for 2023 and into 2024.

Gold investors and traders are looking to Wednesday’s Federal Reserve policy statement which will signal when the central bank plans to start cutting interest rates.

Today: Gold prices are higher in overseas trading this morning on safe-haven buying after a terrorist strike in Jordan killed three U.S. soldiers. This has caused concerns of an expansion of military activity in the Middle East. Gold reached a high of $2,038 before seeing some short-term profit taking.

Finally, the Silver price had a better week than the Gold price. Last week Silver traded between $22 and $23 per ounce and closed at $22.78, up $0.15 per ounce. Physical and futures demand for Silver is showing strong demand which is helping the increase in value. The Silver-to-Gold ratio has dropped to 88-to-1 on last week’s Silver rally.

Today: Silver broke back above the key $23 per ounce resistance level this morning, reaching a high of $23.18 before seeing some light selling. Staying above $23 is key to the short-term direction of the Silver price.

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