Gold & Silver Testing Key Support Levels

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	Gold Breaks Below $4,600 As Dollar Yields Overpower Haven Demand
	Spot Gold and Silver prices are sharply lower in early U.S. trading Friday, as a firmer U.S. dollar, higher Treasury yields and oil-led inflation concerns offset safe-haven demand tied to the Strait of Hormuz... Kitco
	Silver Slumps Over 6.5% As U.S. Inflation Fears Hit Precious Metals
	Precious metal falls to around $78 an ounce as hotter-than-expected U.S. inflation data fuels expectations of prolonged high interest rates... Mucahithan Avcioglu
	U.S. Gold Exports Surge 285%
	Every week, hundreds of millions of dollars in gold bars are flying out of vaults in lower Manhattan and northern New Jersey... Don Lair
	Gold Overtakes Dollar Reserves As Global Trust Shifts
	During April, spot gold fell $50.21 per ounce (or -1.08%) to close the month at $4,617.85... Paul Wong
	Central Banks Are Still Hungry For Gold
	Gold’s rally may be stuck in neutral for now, but central banks continue to send a clear signal to the market: they remain committed buyers on price weakness, even amid volatile economic conditions... Niels Christensen
	Is Gold Still A Safe Haven?
	Gold prices have dropped since the start of the conflict in Iran, raising doubts about the metal’s traditional role as a hedge against geopolitical crises... Morgan Stanley

Last week, the Gold value dropped $187 per ounce. Most of Gold’s price correction occurred on Thursday and Friday, while President Trump was returning from China without any progress on the Iranian war issue. Last Friday, Gold closed at $4,540 per ounce.

Last week, we saw increases in the CPI and PPI, along with April retail sales rising 4.9%, while the U.S. Dollar also rallied. All four of these are possible inflation indicators and make it less likely that U.S. interest rates will come down soon. The precious metals markets are clearly indicating that no progress toward an Iranian peace agreement or settlement is bearish for precious metals prices.

During last night’s overseas Gold trading, the price dropped below the important $4,500 per ounce support level. Gold briefly hit a low of $4,480 before seeing sizable buying. Gold demand, especially in China right now, is showing excellent trading volume above the key $4,500 per ounce support level.

Key Economic data to watch this week:

• May 19th, Tuesday: April Pending Home Sales
• May 20th, Wednesday: FOMC Minutes
• May 21st, Thursday: April Housing Starts, May Jobless Claims
• May 2nd, Friday: Inflation Expectations

Today: This morning, during early overseas trading in China, India, and London, Gold tested its key $4,500 support level. As trading moved from London to the U.S., Gold found strong buying support and briefly moved above $4,575 per ounce. There are still no updates on the Iranian war from the White House.

Last week was not good for Silver investors, as Silver dropped $4.57 (5.66%) in just five trading days, closing at $75.70 per ounce. Silver reached a high of $89.70 per ounce on Wednesday, then on Thursday and Friday, after Trump returned from China without help on the Iran issue, Silver dropped $14 from its high. The $75 per ounce level has recently provided excellent support.

Today: This morning, during early overseas trading, Silver reached a low of $73.77 in China before bargain buying emerged. Silver found additional buying support during late London trading and in the U.S. market. The Silver price briefly moved above $78 before seeing some selling pressure.

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Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
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