Gold & Silver On A Roll And Making New Highs Last Week

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	U.S. Consumer Prices Jump 6.2% In October
	The consumer price index surged 6.2% from a year ago in October, the most since December 1990 . . . . Jeff Cox
	Silver Reaches A Fresh Three-Month High Above $25.00
	Silver price spiked higher as the Bureau of Labor Statistics (BLS) revealed that the Consumer Price Index for October . . . . Christian Borjon Valencia
	Silver's Time In The Sun
	Despite a high price regime, the outlook for silver demand is positive . . . . Heraeus Precious
	75 Tons More Gold In Forex Kitty Adds To Stability
	Data from the Reserve Bank shows that the central bank held 743.84 metric tons of gold as of September 2021 . . . . George Matthew

November has been a great month for Gold, up $83.00 per ounce so far, closing at $1,864 last Friday. Gold has broken through three resistance levels since Friday Nov. 5th. Gold broke above $1,800 on Friday November 5th, and quickly moved above the short-term resistance level of $1,835 on Wednesday November 10th. Then, it quickly moved above the $1,850 level on Thursday, November 11th.

Last Wednesday’s breakout saw massive short-covering by many professional traders. Since June, many professional commodity traders short-sold Gold in the $1,820 to $1,835 range, and covered those short-sales in the $1,750-$1,775 area. This was a very profitable trade and when Gold broke out Wednesday, they took a small loss covering that short-sale and are waiting for the next opportunity. Over the last weekend, I was able to contact six professional traders in the U.S., Europe and Asia. Two went long when Gold broke above $1,850, two are waiting to go short if Gold reaches $1,874, and two are on the sidelines.

Based on my recent research, I believe Gold will trade in the $1,850 to $1,874 range for a short period, while consolidating its recent gains, then move above $1,900 level before year end.

Today: Gold traded in a $10 High/Low range this morning from $1,858 to $1,868 per ounce. Today's trading is an excellent indication of base building for the next leg higher. Economic news that had little effect on the Gold price was NY Fed’s Empire State Manufacturing Index for November which climbed to 30.9 from 19.8 in October, a much larger than forecasted rise.

Last Wednesday, it was reported that the Consumer Price Index (CPI) vaulted 6.2% from a year ago, decidedly higher than the estimated 5.9%. This is the largest annual increase since 1990. On a monthly basis, the CPI increased 0.9% against the 0.6% estimate. This inflationary news caused Silver to quickly increase $1.00 per ounce, closing the week above the key $25 per ounce resistance level. Silver closed Friday at $25.34 per ounce on outstanding trading volume. The recent sharp increase in the Silver price has driven down the Silver-To-Gold ratio to 73.72-to-1.

Today: Silver briefly broke down below the key $25 per ounce level in early European trading. As the market rolled in the U.S., it moved back above $25. Silver has spent most of today trading above $25.

Over the weekend, I was speaking with my Washington lobbyist and he mentioned that he believes the U.S. Treasury Department may be considering making a mandatory requirement that Bitcoin sales be reported on a 1099-B form.

This is concerning because if they are reviewing 1099-B reporting, they also could expand reporting on Modern Bullion (1934 and later) coins and bars. Right now only Gold Krugerrands and Canadian Maple Leafs are reportable in lots of 25 or more since 1979. They could easily add U.S. Gold Eagles and Buffalos and other country’s bullion coins and lower the de minimis level to less than 10. Pre-1934 U.S. Gold and Silver semi-bullion coins and rare coins would not be subject to the same requirements.