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Last week’s key U.S. economic indicators, Consumer Confidence Index, Durable Goods Orders, New Home Sales, and Jobless Claims all reported more bullish than had been anticipated. These results drove up the value of the U.S. Dollar Index and interest rates, which caused the value of precious metals to decline. Gold tested the key $2,600 per ounce level and held, closing at $2,621 per ounce, down only $3 for the week.

This week will be a light week for U.S. economic indicators, just pending home sales and December initial jobless claims. Neither one of these indicators is key to any Federal Reserve policies. The direction of this week’s precious metal prices will be based on supply and demand with very light trading volume.

As we move toward the end of 2024, it’s nice to recap that this was an excellent year for Gold investors. Gold started the year $2,062 and reached a high of $2,790 in October and appears to be closing over $2,600 per ounce, which would be approximately a 26% increase for 2024. I am optimistic about 2025, with increasing demand and worldwide debt growing at a historic rate we could easily see another 26% increase in 2025, which would be over $3,250 per ounce.

Today: This morning, Gold is testing its key support value of $2,600 per ounce. Trading was light ahead of the New Year’s holiday this week and the dollar was relatively flat, offering little direction. Geopolitical tensions kept the yellow metal elevated.

Last Friday, Silver closed at $29.47 per ounce, down $0.01 on light trading volume. Silver briefly traded above the key $30 per ounce resistance level, but closed lower on Friday light volume trading.

Silver started 2024 at $23.85 per ounce and reached a high of $34.90 in October. As we approach the end of 2024, it appears Silver will close above $29 per ounce, an increase of $5.15 per ounce (21.6%). The key Silver-to-Gold ratio has increased to 89-to-1 from 86-to-1 at the beginning of the year.

Today: Silver is trading under $29 on light volume. Light volume trading as we move toward the New Year’s holiday is expected.

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