GOLD & SILVER MOVING ABOVE SUPPORT LEVELS
| Stuppler & Company is proud to provide our clients this Weekly Market Report (WMR). The report gives you my overview of the prior week’s precious metal and rare coin market activity and news. In each WMR, I share the current status of Gold and Silver along with their support and resistance levels. |
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This Week's Headlines: |
Last week, we saw the U.S. Dollar Index increase (over 109) and interest rates move higher. The Gold price stayed above the key $2,600 support level and briefly moved above $2,650 on Thursday before seeing selling on Friday. Gold closed on Friday at $2,640 per ounce, up $19 for the week.
This week will be a light week for U.S. economic indicators with only an
update on the U.S. Trade Balance and the December ISM-Non-Manufacturing reports. Neither one of these indicators is key to any Federal Reserve policies. The direction of this week’s precious metal prices will be based on supply and demand and on any development in geopolitical events or wars.
Since 2024 is behind us, it is good to recap the results. It was an excellent year for Gold investors. Gold started the year $2,062 and reached a high of $2,790 in October then closed at $2,629.80 per ounce, which was a 27% increase for 2024. I am optimistic about 2025. With increasing demand and worldwide debt growing at a historic rate, we could easily see another 27% increase in 2025, which would be over $3,340 per ounce.
Today: This morning, Gold reached a low of $2,613 per ounce on concerns that the Federal Reserve is not going to continue lowering interest rates in their announcement later this month. As trading moved to Europe and the U.S., there was strong buying at this bargain price and the price rallied $20 per ounce.
Last Friday, Silver closed at $29.60 per ounce, up $0.10 for the week on light trading volume. Silver briefly traded above the key $30 per ounce resistance level, but closed lower in Friday light volume trading.
Silver started 2024 at $23.85 per ounce and reached a high of $34.90 in
October. At year-end 2024, Silver closed at $28.94 per ounce, an increase of $5.09 per ounce (21%). The key Silver-to-Gold ratio has increased to 90-to-1 from 86-to-1 at the beginning of the year.
Today: Silver continues to be the star precious metal in 2025 as it moves back over the key $30 per ounce resistance level. Silver is showing strong buying interest in Asia, Europe, and U.S. markets as it rallies over $0.50 per ounce today.
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