Gold & Silver Hitting New Highs, Gold Above $3,600

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What a week for Gold investors! Gold increased $120 last week. Gold closed Friday at $3,590, a new all-time high. Gold was over $3,600 per ounce during Friday trading, and then saw a little profit-taking before the market closed.

What happened that drove the Gold price to a new all-time high last week?

1. Last Friday, we saw the nonfarm payrolls increased by only 22,000 for August, lower than the 75,000 forecast, while the unemployment rate rose to 4.3% according to the Bureau of Labor Statistics.
2. Last Wednesday, the U.S. Labor Department reported that July job openings dropped sharply to 7.18 million, down from June’s reading of 7.36 million. The number of available jobs has dropped to its lowest level since March 2021.
3. It was reported last week by the World Gold Council that foreign central bank holdings of Gold have topped U.S. Treasury's for the first time since 1996. This confirms the move to Gold from U.S. currency and Treasuries by many foreign central banks, and China leads the move.

As the Gold price trades around the $3,600 mark, we are seeing excellent worldwide demand from not just Central Banks, but large financial institutions and private investors. It took three months for Gold to break above the key $3,500 resistance level and now it’s running strong.

Today: Over the weekend, many financial analysts and large worldwide Banks have confirmed that the Federal Reserve will start lowering interest rates at their upcoming meeting this month. Any reduction in interest rates should continue to drive the price of precious metals higher.

Last week, Silver moved higher with Gold. Silver firmly moved above the key $40 per ounce resistance level and reached a high of $41.80 before seeing some resistance.
Silver closed on Friday at $41.02, up $1.31 for the week. Silver badly needs to build a firm base above $40 for a week or so, before moving on to $42 per ounce.

The Silver-to-Gold ratio dropped to 84.70-to-1.

Today: During overseas trading earlier today, Silver reached a high of $41.10 per ounce, before seeing selling. It appears Silver is going to trade around the $41 mark until it consolidates its recent gain from $36.70 in the past month.

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