Gold & Silver Moving Higher, On The Way To Great 2023 Close

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Last week we saw the direction of U.S. interest rates and the value of the U.S. Dollar move lower. Two of the major factors in the future value of Gold are interest rates, and since most of our clients are Americans, the value of our currency.

Gold only traded in the U.S. three days last week, closing Wednesday at $1,992 per ounce, up $8 on the short trading week. However, Gold did trade, after our close, in many overseas commodity markets closing on Friday at $2,002 per ounce.

This long Thanksgiving Day holiday weekend gave me the time to complete an in-depth study of the Gold market and many of the major elements that have directly affected the price over the past 10 years. Those elements include:

The Value of the U.S. Dollar

Global interest rate direction

U.S. and Global debt problems

Recent value of Gold in U.S. Dollars

Chinese influence on the world Gold market

Current policies of our Federal Reserve

Central Bank and Institutional Gold Buying

Geopolitical conflicts around the world

Based on my research, I believe we are approaching the beginning of a major bullish move in the Gold price, that could take it to over $2,400 per ounce by the end of 2024. Recent history has shown December to be a good month for Gold investors, so I believe that rally will start soon. Without any extraordinary events happening, I believe we will see Gold trade around $2,000 per ounce, giving Gold the opportunity to make $2,000 as a support level. It will gradually move towards $2,050 and the key $2,075 resistance level. A move above $2,100 by early next year will mean we are off and running toward $2,400 by year-end, with some minor setbacks for profit taking.

Today: Gold firmly moved above $2,000, hitting a six-month high of $2,017 per ounce early Monday as the dollar weakened and speculation increased that the Federal Reserve would pause its series of interest rate hikes next month. Staying above $2,000 and moving toward $2,020 this week would confirm the breakout.

Silver closed at $23.68, down $0.18 for the week on last Wednesday. However, the Gold rally in Asia and Europe during the latter half of last week drove the Silver price over $24 per ounce. Silver closed in Europe on Friday at $24.30, up $0.62 since the U.S. close on Wednesday.
In May 2023, when Gold was firmly trading over $2,000 per ounce, the price of Silver was firmly over $25. Based upon current strong demand for Silver, I expect to see the price to be over $25 if Gold stays above $2,000 for a while. Based on Friday’s prices, the Silver-to-Gold ratio remains at 82-to-1, still an excellent investment opportunity.

Today: Silver moved higher this morning with Gold, nearing the important $25 per ounce resistance level ($24.96). Silver is showing increasing demand for many of the popular Silver investment coins.

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