GOLD & SILVER STARTING THE YEAR-END RALLY

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As anticipated, last week was a base building period for Gold with the precious metal trading between $2,614 and $2,660 per ounce. This week, the only significant U.S. economic reports are the PPI and CPI for November. I doubt the weekly jobless numbers will affect the Gold price, unless they are substantially higher or lower then expected.

The fall of the Syrian government over the weekend has caused more concerns about the stability of the Middle East. The new Syrian rebel leader warns Iran, Trump, and Israel in his victory speech as he lays out a vision for post-Assad Syria. Gold rallied $16 to $2,651 on the news of the fall of the Syrian government before seeing some light profit-taking.

As we moved toward to the end of 2024, the Gold price is showing excellent demand and increased buying by many of the world’s largest central banks. Many of our senior clients have been selling Gold/Silver from their IRA accounts, as required by the governments Minimum Required Distribution (RMD) legislation. We are able to work with your trust company and depository if you need a RMD sale.

Last Friday, Gold closed at $2,635 per ounce, down $22 for the week. Gold traded last week between $2,614 and $2,660 per ounce as it consolidated recent gains and continues to build a firm base for the year-end rally.

Today: A combination of the fall of the Syrian government and China buying Gold after a six-month pause is driving fresh Gold buying this morning in overseas trading. The Gold price was trading at $2,655 as it moved into the U.S. and the Gold market reached a high of $2,678. There is also a strong expectation that there will be news of an interest rate cut at the Federal Reserve’s meeting next week.

Last week, Silver traded between $30.60 and $31.67 per ounce as it followed Gold to build a firm base. Silver closed last Friday at $30.97, up $0.29 for the week. The Silver-to-Gold ratio dropped to 86.59-to-1. Silver spent all last week trading above and below the key $31 per ounce level.

Today: Silver followed Gold higher this morning, breaking above the key $32 per ounce resistance level. Silver needs to stay above the key $32 level for the next few days to confirm this is the start of the year-end rally.

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