GOLD & SILVER FINDING SUPPORT IN A TIGHT TRADING RANGE

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Last week, Gold continued to consolidate its recent gains as it traded in the $2,300 to $2,360 per ounce range. As we approach the end of April, Gold reached a high of $2,430 and a gain of over $100 per ounce. This is surprisingly good considering the many negative economic indicators and reports that were released in April.

During April, the U.S. Dollar Index and interest rates set new 2024 highs and U.S. inflation and employment indicators were positive. Plus, the Federal Reserve has made it clear that lowering interest rates may not come until the fall. Without the heavy central bank and Asian demand, the price of Gold would have easily tested the $2,100 support level.

As for geopolitical issues and wars, any brief escalation drives up the price of precious metals, taking Gold over $2,400 and Silver towards $30 per ounce. Gold has shown itself to be the ultimate safe haven asset to the world, and many Americans are just coming around to understanding this.

Today:
Over the weekend we saw weakness in the Gold price as safe haven demand lessened as U.S. Secretary of State Antony Blinken increased efforts to secure a truce in Gaza. Gold reached a low of $2,324, well above the $2,300 support level, before seeing increased buying. As the Gold market rolled out of London and into the U.S., buyers came back, sending the price above $2,340 per ounce.

Last week, Silver found excellent price support above the key $27 per ounce support level. Silver dropped $1.50 last week, closing the week at $27.22 per ounce. But for the month of April, Silver is currently up $2.20 with just two more trading days. Demand for many of the popular Silver investment coins, Silver eagles, maple leafs, and Buffalo rounds picked up substantially in April and premiums are moving higher. Earlier this year, a few of the world’s largest mints were having a difficult time moving popular bullion items, but that changed in April. The current Silver-to-Gold ratio has reached 86-to-1, and still is an outstanding value.

Today: On Gold’s early weakness, Silver broke down below the $27 per ounce support level, reaching a low of $26.94 for a short term. As Gold rallied, the price of Silver recovered and rallied back, reaching a high of $27.50 per ounce.

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