GOLD & SILVER RALLY – GOLD HITS NEW ALL-TIME HIGH OF $2,635

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Last week started with the U.S. Commerce Department saying that the U.S. retail sales rose 0.1% in August following a revised increase of 1.1% in July. The data is better than expected, as economists' consensus projected a 0.2% drop. In the last 12 months, retail sales increased 2.1%.

But Wednesday was the big day. The Federal Reserve announced that it was cutting the interest rate on Fed Funds by a ½ point and the precious metal markets got highly volatile. Gold reached a high of $2,600 and immediately fell back to $2,545. I was listening to Chairman Powell’s press conference and didn’t hear anything that could have caused this sell-off. So, it was simply traders buying on the rumors and selling on the news.

On Wednesday, after testing the key support level, Gold hit a low of $2,545 in late trading and the buyers came back. Strong demand in Asian, Middle Eastern, and European markets on Thursday drove the Gold price back to $2,590 and Gold closed in the U.S. at $2,588. Then came record breaking trading in the U.S. on Friday with Gold reaching $2,626 before seeing some light selling. The Federal Reserve’s interest rate cut combined with the ongoing geopolitical concerns in the Middle East and a lower U.S. Dollar helped to drive the Gold price to a new all-time record high. On Friday, Gold closed at $2,624 per ounce, up $35.50 for the week.

Today: After the Gold market opened in Asia in overnight trading, Gold quickly moved to $2,630 per ounce on sizeable volume. As Gold trading moved into the Middle East, London, and the U.S. there was some light professional profit-taking and then it traded between $2,614 and $2,635. It was great watching Gold consolidate its recent gains while reaching a new all-time high of $2,635 per ounce.

The Silver price stayed above the key $30 level in the early part of last week. On Thursday, after the ½ point cut in the Fed Funds rate was announced, Silver rallied sharply with the Gold price. Silver has rallied from $27.81 two weeks ago to closing last Friday at $31.18 per ounce.

China's increasing demand for Silver is emerging as a potential catalyst for price recovery. The Shanghai Metals Exchange has reported that Silver prices in China are approximately 10% higher than in Western markets, highlighting strong domestic demand. This surge is attributed to China’s booming solar panel industry and tech sector, which have driven Silver imports to exceed 400 tons in both June and July — double the previous year’s monthly average of 200 tons.

Today: In early overseas trading this morning, Silver broke below the key $31 per ounce level, reaching $30.92 before moving higher. As trading rolled into London and the U.S., Silver saw selling, breaking down below $31 and reaching a low of $30.34 before finding bargain buying.

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