GOLD & SILVER TESTING KEY SUPPORT/RESISTANCE LEVELS

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	Central Banks Buying Gold At Record Levels
	Central banks across the globe have been stocking up their gold reserves at record levels... Martin Young
	The Silver Institute - Silver News August 2024
	Silver and Bee Venom Combine to Save Bee Colonies....The Silver Institute
	Gold Holds Gains As Traders Digest Data - Await Inflation Print
	Gold edged higher after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the Federal Reserve fights inflation....Jacob Reid
	Gold’s Rally To $2,500 Was Just The Next Stop In This Supercycle
	As gold prices consolidate near record highs above $2,500 an ounce, one market analyst is warning investors not to try to pin down this market....Neils Christensen
	$32 Silver The Next Stop After Clean Breakout Above $30
	Silver prices have surged, and are now attempting to break above the $30 level....Damian Nowiszewski
	Will Silver Break $29.94 Amid Surge In Demand From India?
	Silver kicked off the week with gains, climbing to $29.69 and briefly touching an intra-day high of $29.93. Several key factors are fueling this rally... Arslan Ali
	Polish Central Bank Becomes Largest Buyer Of Gold In Second Quarter
	The National Bank of Poland (NBP), also known as the Narodowy Bank Polski, became the joint biggest gold buyer amongst central banks in the second quarter of 2024....Indrabati Lahiri

Over the Labor Day weekend, Gold traded in overseas markets between $2,490 and $2,508 per ounce. Gold ended August trading on the 30th at $2,493 per ounce, up $64 for the month of August. Ever since it closed above $2,500 on August 19th, 2024, Gold has traded between $2,470 and the new all-time high of $2,531 per ounce.

Gold has dropped every September since 2017. Over that period, the average decline has been 3.2% in September – easily the worst month of the year, and far below the monthly average gain of 1%. However, I believe Gold may test the $2,500 level a few times this month, but stop the streak this year. Gold’s recent consolidation around $2,500 is primarily due to the upcoming lowering of interest rates, numerous weak U.S. economic indicators, and on-going geopolitical issues. I believe these issues will drive the Gold price higher, reaching $2,600 by the end of September and $2,800 by year-end.

In addition to the positive indicators mentioned above, there is strong demand for physical Gold. The world’s central banks purchased 483 tons of Gold in the first half of 2024, the highest first half demand on record (see article “Central Banks Buying Gold At Record Levels”). In addition to Central bank Gold buying, it has been reported that many international banks are adding to their Gold holdings because of the upcoming Basel III guidelines.

Today: This morning, Gold dropped, reaching a low of $2,472 before finding sizeable buying. The drop in the Gold price was due to a rally in the U.S. Dollar Index, causing the price to move lower in terms of U.S. Dollars. I believe this correction will be brief and Gold will move back to the $2,500 level.

Silver ended the month of August at $28.73 per ounce, down $0.22 for the month. Silver briefly traded over $30 per ounce but spent most of the month trading above and below the $29 per ounce level. For most of August, Silver took its price direction from Gold but did not show price strength like it did in July. The Silver-to-Gold ratio has increased to 86-to-1.

Today: Silver fell with Gold, reaching a low of $27.67 before finding bargain buyers. As Gold moves higher, Silver will move back towards the $29 level shortly.

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