GOLD & SILVER CONTINUES TO TEST LOWS AS IT BUILDS A FIRM BASE

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	Solar Is The 800-Pound Gorilla Of Silver Demand
	Silver is increasingly becoming an industrial metal, said Peter Krauth, editor of Silver Stock Investor — noting industry now consumes 60 percent compared to 50 percent a few years ago.... Andrew Topf
	Gold Prices Drop Sharply As U.S. Economy Creates 353K Jobs In January
	The gold market has been hit with solid selling pressure as the U.S. labor market continues to fire on all cylinders.... Neils Christensen
	Gold Prices See A Bounce As U.S. Weekly Jobless Claims Rise To 224K
	While still under pressure, gold prices have bounced off their session lows as the U.S. labor market appears to be losing momentum as the number of workers applying for first-time unemployment benefits jumps....Neils Christensen
	China Gold Purchases Soar 30% On Economic Anxiety
	Chinese gold purchases rose 30% in 2023, as the country's central bank bought the commodity to replace its dollar holdings amid tensions with the U.S. and individual investors sought a haven for their assets as the economy stumbled.... Momoka Matsumoto and Noriyuki Doi
	Fed Holds Steady, Ditches Tightening Bias; Gold And US Dollar On The Move
	The Federal Reserve concluded its first monetary policy gathering of 2024 today and voted by unanimous decision to maintain its benchmark interest rate unchanged within in its current range of 5.25% to 5.50%, in line with consensus expectations.... Diego Colman

Last week, U.S. economic news wasn’t bullish for precious metal investors. Between a surprise increase in jobs in January and a decease in the unemployment numbers, our economy is showing excellent strength. The Federal Reserve needs to see weakness before lowering the Fed Funds rate. In Powell’s speech last week, the Chairman made it clear the Fed wasn’t lowering interest rates in March, but May is a possibility based on incoming economic data. The above articles provide more details on these issues.

Despite last week’s negative economic news, the Gold price was up $21 for the week, closing Friday at $2,038 per ounce. It is now 34 straight trading days with the Gold price closing above $2,000 per ounce. Gold continues to build an excellent base for the next leg higher of $2,100.

Today: After Friday’s close of precious metal trading, the U.S. and other nations bombed middle east targets and surprisingly the overseas markets opened down $8 per ounce. Gold dropped $20 this morning after Federal Reserve Chairman Jerome Powell remarked on Sunday that the central bank will move at a slower pace than the market expects to cut interest rates.

Last week’s positive U.S. economic news hit Silver harder than Gold. Silver traded as low as $22.40 per ounce before seeing bargain buying. Silver closed the week at $22.70 per ounce, down $0.08 on average trading volume. That weakness drove the Silver-to-Gold ratio to over 90-to-1, an extraordinary level.

Today: This morning Silver dropped with the Gold price, down $0.45 per ounce, reaching $22.20.

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