Gold/Silver Had The Needed Correction, Now Here Comes The RALLY

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	The Peoples Bank of China (PBoC), the nation’s central bank, has reported a 5.91 tons . . . . Lawrence Williams (Read More)

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After reaching a new 2019 high of $1,556 on Sept. 4th, Gold sold-off last week, reaching a low of $1,485 last Friday. Considering Gold had increased $237 since January 1st 2019, a $71 correction off the high is acceptable. Gold continues to be on a bullish trail, and $1,600 is on the menu for later this year. Gold closed last Friday at $1,491 per ounce, down $16 for the week, but up $221 since the beginning of this year.

On Saturday, major Saudi Arabian oil installations were hit by a series of drone strikes. Although, Yemen’s Houthi rebels took credit for the strikes, President Trump is blaming the Iranians.

The installations destroyed processed about half of Saudi Arabia’s crude oil output. The world’s financial markets are concerned about a disruption in the world’s oil supplies. This attack escalated tensions in the Persian Gulf and immediately affected the price of oil, equities, bonds and precious metals worldwide.

Today: In early Asian and European trading Gold reached a high of $1,511 on the Saudi drone strike news. When negative geopolitical events hit the market it's away positive for precious metals but the Saudi issue, which could result in an oil shortage, could worsen the world’s economic condition.

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Last week, Silver had a sharper correction than Gold, dropping $0.55 per ounce (3%) for the week. Silver actually hit a low of $17.35 per ounce before quickly rallying back to close at $17.43 per ounce on Friday, down $2 from the recent $19.40 high. After rallying from $14.90 to $19.40 per ounce, a $4.50 increase (30%) in only two months, a $2 is an acceptable retracement. But I believe Silver is definitely on a bullish run and should be back at the $18 level shortly. Not surprisingly, the Silver-to-Gold ratio increased to 85.35-to-1 last week

Saturday’s Saudi Arabian oil installation strike initially caused a $0.35 per ounce increase in the price of Silver. This was surprising, because it will be in the face of a higher U.S. Dollar index. It would be bullish for Silver if it could move back above the $18 level on this news.

Today: The Silver price was more affected by the Saudi issue and moved up more aggressively than Gold, because it was over-sold on Friday. Silver reached a high of $17.90 in Asian and European markets earlier today, but moved higher when U.S. markets opened.

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