GOLD & SILVER DROP ON WORLDWIDE FINANCIAL CORRECTION

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	Gold is the best hedge asset for investors if Republican candidate Donald Trump wins the presidency in November... Ernest Hoffman
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	The gold market is holding steady after the latest data showed U.S. consumer sentiment beating expectations this month... Ernest Hoffman
	Gold And The Art Of War
	Unusually, gold is not itself these days. I say “unusually” because the gold price could - in normal times - be relied upon to... Ross Norman

July was an exciting month for Gold investors. Gold started at $2,327, reached a low of $2,316, and reached an all-time high of $2,485 per ounce. Gold closed at the end of July at $2,447, up $120 (5.1%) for the month.

Last Friday, the Labor Department reported that employers added 114,000 jobs in July, missing the 175,000 gain forecasted by economists. The unemployment rate also unexpectedly inched higher to 4.3% against expectations that it would hold steady at 4.1%. It marked the highest level for the jobless rate since October 2021. Stocks, U.S. Dollar Index, and interest rates dropped on this news. In July the average hourly earnings increased by only 0.2% from the previous month, falling short of expectations of 0.3% and indicating a slowdown in wage growth. Overall, the jobs report was weaker than anticipated from every angle.

Both Gold and Silver initially rallied sharply higher on the news, but sold off later in the day.

The wars in the Middle East and Ukraine have been the source of strong Gold demand on the trading exchanges and in physical markets, but central banks and international banks purchases continue to grow. Gold closed Friday at $2,443 per ounce, down $4 from Thursday’s close.

Today: The Gold buyers are back after last weeks weak economic reports. Buying started in early Asian trading, Gold reached $2,458 before the bottom dropped out of the market. A major sell-off in the equity markets around the world took the Gold price lower. Growing concern around a deepening US economic slowdown weighed on markets, with traders worried that the Federal Reserve may be behind the curve on interest-rate cuts. Gold dropped below the key $2,400 per ounce support level.

July was not a good month for Silver investors. Silver started the month at $29.20, reached a low of $27.40, and a high of $31.73 per ounce. Silver ended July at $28.80 per ounce, down $0.40 for the month, with a Silver-to-Gold ratio of 84.4-to-1. Silver closed last Friday at $28.56 per ounce.

Today: Silver dropped with the Gold price, breaking below the key $28 and $27 support levels on the same concerns.

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