Gold & Silver Tested Key Support Levels And Held

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	Gold Rises 1% On US Dollar Weakness, Safe-Haven Demand
	Gold jumped 1% on Friday, helped by a weaker dollar and safe-haven buying after United Auto Workers union kicked of strikes at three automakers in Detroit . . . .Brijesh Patel
	India's Gold Imports Surges 40%, Threatens To Blow Out Trade Deficit
	The value of inbound gold shipments grew to $4.9 billion in August from $3.5 billion a year earlier, according to a person familiar with the matter . . . . Shruti Srivastava and Swansy Afonso
	Silver Continues to See Support
	Monday ushered in a noticeable dip in the silver market, casting a veil of uncertainty over traders as they grapple with . . . . Christopher Lewis
	Gold Down On Technical Selling Ahead Of U.S. CPI
	Gold prices are moderately down and hit a three-week low in midday U.S. trading Tuesday. . . .Jim Wyckoff
	Gold Signaling A Top In The US Dollar CPI, PPI volatility ahead
	In the last commentary I wrote, I suggested exiting the precious metals. . . .Jonathan Da Silva

After testing the key support level of $1,900 on Wednesday, Gold showed excellent demand by Friday, reaching a high of $1,930, before closing the week at $1,923.70 per ounce, up $3.50 for the week.

On Wednesday, the U.S. Labor Department announced that the consumer Price index (CPI) for August had increased by 0.6%, the largest gain since June 1922. In the past 12 months the CPI has jumped 3.7%, higher than the Federal Reserve’s inflation target of 2%. Gold reacted to the news by dropping.

The Federal Reserve will meet this week and Chair Powell will make an announcement. I don’t believe the Fed will raise interest rates but that Fed Chair Powell will leave the door open to further rate hikes later this year.

On Friday, Gold rallied back from a 3-week low on better-than-expected economic data from China. The Chinese Yuan rallied against the U.S. Dollar, which helped the Gold priced in U.S. Dollars close the week higher.

Today: Strong Gold demand in overnight trading in Asia and Europe drove up the price to $1,930 per ounce. Investors are expecting a pause in increases in the Fed funds interest rate later this week at the Federal Reserve meeting

Silver’s reaction to Friday’s Chinese better-than-expected economic data was more price explosive than Gold’s increase. Silver jumped $0.50 (over 2%) before seeing some short-term profit taking. As Silver moves back over the key $23 per ounce resistance level, premiums on the popular Silver bullion coins continue to stay attractive.

Silver ended last Friday’s trading above the key $23 level, closing at $23.08 per ounce. Friday’s rally was very impressive considering the fact that interest rates and the U.S. Dollar index are at record highs. The U.S. Dollar Index continues to trade at 105, while the interest rate on the
10-Year Treasury bills is over 4.32%, a 16-year high.

The Silver-to-Gold ratio has increased to 83-to-1, an excellent investment time.

Today: Silver stayed firmly above the $23 resistance/support level this morning, reaching a high of $23.30 before seeing light profit-taking.

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