Gold & Silver Moving Higher, Testing Resistance Levels

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	The Dollar: The World’s Reserve Currency
	The dollar’s role as the primary reserve currency for the global economy allows the United States to borrow money more easily and impose painful financial sanctions. Other countries are beginning to consider alternatives... Anshu Siripurapu & Noah Berman
	Which Would You Rather Be Holding On Doomsday: Gold Or Bitcoin?
	Bitcoin's digital resilience and gold's timeless tangibility square off in a debate about how to survive the end of the world... Rob Nelson
	Fed To World: Inflation's Over
	The stock market reacted initially with a shrug of its slumping shoulders... Brian Maher
	2023 U.S. Mint Gold Sales Outpace 2022 By October Silver Sales Leap
	Through October, sales of U.S. Mint American Silver Eagle bullion coins are already 36.5% higher than all of last year... Mike Unser
	China's Gold Holdings Are 10x Reported Amounts
	China has been on a full-out gold shopping spree — topping up its gold reserves each month for the last 12 months. . . .Dominic Frisby , Anna Golubova , Michelle Makori
	Silver Rallies On Soft US CPI Data And Falling Yields
	The XAG/USD rallied sharply on Tuesday to above $23.00, up by 3%, with soft CPI data from the US and falling US yields contributing to the upward movements.... Patricio Martín
	Silver Demand Drivers To Effectively Double Rate Of Growth Over Next Decade
	Three key sectors of global silver demand – industrial, jewelry and silverware – are significant drivers for annual silver consumption and accounted for nearly three-quarters of the world’s demand for silver in 2022.... Michael DiRienzo
	Gold Demand Surges From India To Hong Kong Despite Price Rally Linked To Israel-Gaza War
	Asia’s legendary appetite for gold is intact in the run-up to peak festival and wedding season, despite soaring prices due to the Israel-Gaza war.... Biman Mukherji

A number of factors and reports helped Gold rally $47 per ounce last week. Gold closed at $1,984 per ounce on Friday, up $47 for the week. As the war in Israel continues to rage and spread to surrounding areas, the demand for Gold continues to grow.

Negative U.S. economic indicators, including the Core Consumer Price Index (CPI) and the Producer Price Index (PPI) came in for November much lower than expected. The financial markets can now feel that the Federal Reserve has stopped raising interest rates.

Moody's credit rating agency has downgraded the U.S. economic outlook to "negative" from "stable." It is the latest in a series of issues flagged by rating agencies about the weakness of the financial status of the United States.

One major Gold issue that continues to look more probable is China convincing the I.M.F. to replace the U.S. Dollar with the Chinese Renminbi as the world’s reserve currency. (See: The Dollar: The World’s Reserve Currency) This article will give you the history and the importance of the World’s reserve currency. If China continues to build its Gold holding (see: China's Gold Holdings Are 10x Reported Amounts ) .

One of the major arguments that China can present is that it has no debt, a sizeable trade surplus, and will back its currency with Gold. The US has trillions of dollars in debt and still growing at a record pace, a massive trade deficit, and doesn’t back its currency with Gold. If the Chinese Renminbi becomes the world’s reference currency, the price of Gold valued in U.S. Dollars would more than double overnight. Think about it.

$2,100 is the key long-term resistance level for Gold. Gold’s last three strong rallies above $2,000 per ounce were stopped in the $2,070’s. Allowing for a couple attempts, a strong break above $2,100 could be the signal for a major bull trend, sending the price up to $2,300.

I have always felt that December has been a good month for precious metal prices, so I did the research and found the following. For the past six years, 2017-2022, the price of Gold has increased from Nov. 30th to Dec. 31st. The average increase for those six years is over 3%, or $61 per ounce.

Today: Gold traded today in Asia and Europe between $1,963 and $1983 per ounce in light trading. Commodity traders in the U.S. are expecting a light holiday week and many of them are out for a long weekend. I would expect to see Gold trading in a tight range during the week, building an excellent base for the next move higher.

Silver had a more explosive week than Gold, rallying from $22.28 to $24.22, an increase of $1.57 (7%). This week Silver quickly broke above the $23 resistance level on Tuesday’s CPI numbers and has traded above $24 for a couple of days. Two factors that make Silver investment coins a screaming buy is a low premium and increasing demand (see: 2023 U.S. Mint Gold Sales Outpace 2022 By October Silver Sales Leap). The Silver-to-Gold ratio is down to 82-to-1, still an excellent investment opportunity.

Today: Silver is mirroring Gold, with light trading in a narrow range above and below the $23.50 per ounce level. Many of the world’s largest mints will be setting allocations for their popular Gold and Silver coins next week. Since demand has been strong, I expect 2024 mintages to be high.

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