Gold & Silver Moving Higher Towards 2023 Highs

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After testing key support at $1,980 on December 11th and 12th, Gold has continued to move higher. Gold moved back above $2,000 per ounce on December 13th and hasn’t looked back.
Gold then traded between $2,000 and $2,050 from December 13th to December 21st. Last Friday, Gold firmly moved above the $2,050 resistance level, closing the week at $2,057, up $33 per ounce (1.6%) for the week.

What is happening that is directly affecting the price of Gold?

1) After Chairman Powell's speech and news conference on December 13th, interest rates for the 10-Year Treasury bills moved substantially lower, closing Friday at 3.88%, a 5-month low.

2) The value of the U.S. Dollar has continued to drop since Powell’s speech, with the index reaching 101.66 on Friday, another 5-month low.

3) Major central banks (the largest owners and buyers of Gold bullion) have been aggressive buyers as interest rates and the Dollar move lower. Normally, during this time of year, central banks are not active in the bullion markets.

Normally, bullion markets are quiet with very light trading volume this time of year, because many of the professional traders are on vacation. However, barring any unexpected geopolitical events, I expect to see Gold test the $2,050 level but stay in the $2,050 and $2,100 price level.

Today: After the Xmas holiday, Gold started trading on Asian and European markets and quickly started moving higher. Gold reached a high of $2,066 before seeing some light selling. As the precious metal markets rolled into the United States, we saw some light selling bring the price down to $2,055 per ounce.

Silver broke above the $24 per ounce resistance level last Tuesday and stayed there all week.
Silver closed last Friday at $24.27 up $0.40 per ounce for the week.

With Gold at its current level, it’s a little disappointing not to see Silver over $25 per ounce. But, when you look at the fundamentals, Gold is a deflation and Dollar hedge, while Silver is a great inflationary hedge. Right now, we aren’t seeing any concerns about inflation. But, with a Silver-to-Gold ratio of 84-to-1, Silver is an extraordinary value at today’s price. As interest rates drop next year and inflation reaches its low, I expect to see a sizable move in the price of Silver on expectations of inflation moving higher.

Today: The price of Silver has stayed above $24 per ounce today in oversee markets as well as the U.S. exchanges. Many of the world’s largest mints are rolling out their popular 2024 silver investment and collector coins. After submitting them to PCGS and NGC, we will be listing them on our website.

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