Gold & Silver Rally After Ukrainian Gold Sales Ended

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July was an extraordinary month for Gold and Silver investors. At the start of July, Gold was trading at over $1,800 per ounce. Gold reached a low of $1,678 per ounce during European trading on July 21st, when the Ukrainian Central Bank finished selling 27 metric tons of Gold ($13 Billion). The reasons for the sale are obvious. The Ukrainian government must continue to protect and feed its people during the Russian war.

Gold rallied $31, breaking back above the key $1,750 per ounce resistance level. Last Thursday, we received news that our Gross Domestic Product (GDP) fell 0.9% in the last quarter. This is the second quarter of negative growth, an indication our economy is in a recession. Combine this news with Wednesday's less hawkish Federal Reserve statements, which drove down interest rates, helped Gold explode higher this Thursday.

The Personal Consumption Expenditure price index (PCE) reported last Friday rose 6.8% from last year. Surprisingly, this raise didn’t have any negative effect on the Gold price, as Gold reached a 3-week high, closing the week at $1,762 per ounce, up $35 for the week. Gold needs to build a firm base above $1,750 and move on to break $1,800 by month end to restore the bullish confidence of professional commodity traders.

Today: Gold reached another three-week high of $1,776 this morning. Increased demand combined with a weaker U.S. Dollar and lower interest rates are helping this rally. Traders are waiting for the July manufacturing report before hopping in or out.

Silver rallied on the same news that caused Gold to break above the $1,750 resistance level on Thursday. But Silver’s rally was far better than Gold’s, up $1.25 (6.7%) on Thursday alone, testing the important $20 per ounce major resistance level. Silver continued its spectacular rally on Friday, moving to a high of $20.35 per ounce. Silver closed the week at $20.20 per ounce, up an unbelievable $1.58 and well above the $20 support/resistance level. The Silver-to-Gold ratio dropped from 93-to-1 to 87-to-1 in just a week.

Today: Silver has been leading the precious metal market, reaching a high today of $20.61 this morning. Both Asian and European demand is increasing for many of the popular Silver investment bars and coins.