Gold & Silver Moving Lower On A Strong U.S. Dollar Index

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Gold was down every trading day last week, dropping $50 (3%) and closing on Friday at $1,748 per ounce. Friday, Gold closed below the key $1,750 per ounce support level. The U.S. Dollar Index continued to move higher last week, reaching 108.22, the highest it’s been in over 20 years. The strength in the U.S. Dollar was the chief reason for Gold’s correction last week. But, concerns caused by the Federal Reserve’s July minutes, released last Wednesday, did nothing to relieve the concerns about higher interest rates coming in September.

Premiums on many of the popular Gold bullion investment products have been raising due to the shortage of newly minted coins. The U.S., Canadian, and Perth mints are among many other mints that have been cutting allocations to distributors. This problem is caused by the Russian Gold embargo and mints are looking for alternative sources of supply.

Today: This morning the U.S. Dollar Index is still moving higher, trading at 108.82, and 10-Year Treasuries moved back above 3%. Both of these continue to put pressure on Gold, reaching a low of $1,727 before finding bargain buying.

Silver closed last Friday at $18.99, down $1.65 for the week. That sharp decline was caused by the combination of the weakness in the U.S. Dollar and the sell-off in the Gold price. Yes, many of the financial markets are worried about the Federal Reserve continuing to raise interest rates, and that is putting pressure on the precious metal markets. The Silver-to-Gold ratio increased sharply last week, closing at 92-to-1 in the past week.

Today: Silver has shaken off a low Gold price and a strong dollar to move back above $19 per ounce.
After reaching a low of $18.70, as Gold sold-off, Silver has rallied back on heavy buying interest.