Gold & Silver trying to breakout above resistance levels

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	Bill Maher Launched An Attack On Bitcoin
	The HBO host has a lot of dicey opinions, but one subject where he’s right on the money is cryptocurrency. . . . Matt Prigge
	Global Demand For Gold Jewelry Jumps 52% In First Quarter High
	Global consumer demand for gold jewelry rose 52 per cent annually in the first quarter of 2021. . . . World Gold Council
	China’s March Net Gold Imports Via Hong Kong Hit 15-Month High
	BEIJING: China’s net gold imports via Hong Kong in March surged to their highest since December 2019, Hong Kong Census and Statistics Department data showed on Tuesday, after new import quotas were issued by the central bank as demand improved . . . . Reuters
	Renminbi Internationalization And Its Effects On Gold
	China could OVERTAKE the US as the world’s largest economy earlier than expected. . . .Chinese Gold & Silver Exchange
	Gold And Silver Consolidating
	Despite minor forays upwards and downwards, the gold price has seemed to be consolidating. . . . Lawrie Williams

The month of April ended with Gold at $1,767.30 per ounce, up $51 for the month. Gold stayed above $1,725 all month, reaching a high of $1,798 per ounce a couple of times. During last week’s Gold trading, both the U.S. Dollar and the yield on the 10-Year Treasuries moved higher, normally very negative for the Gold price, but Gold only declined $10 for the week.

After making a new all-time high of $2,089 per ounce in August of 2020, Gold sold-off, bottoming out at a low of $1,679 in March of this year. During the month of April, Gold consolidated about $100 above the recent low while showing excellent global demand.

Last week the Federal Reserve provided a 2021 policy update and we heard President Biden’s State of the Union speech. Both the Fed’s policy update and proposed legislation from Biden are very bullish for the price of precious metals. These trillions of dollars in stimulus, combined with what has happened in Europe and Asia, almost guarantees we will see record highs for Gold and Silver in the near future. I continue to believe that Gold will break above $1,800 per ounce, its first stop to reaching $2,000 by August and $2,200 by year-end.

Today: A drop in the U.S. Dollar and interest rates propelled the Gold price to reach $1,799 again this morning. After reaching that level, we saw some light short-term profit take and short-sales.
This was the third time in the past month that Gold tested the $1,800 resistance level, and I look forward to a breakthrough shortly.

Silver sold-off last Friday, breaking below the key $26 per ounce level. Silver closed last Friday at $25.85 per ounce, down $0.20 for the week. I continue to believe that Silver is in a consolidating phase after the recent gains after reaching the March 31st low of $23.74. The Silver-to-Gold ratio has remained at the 68-to-1 level.

Today: Silver rallied with Gold this morning, reaching a high of $27.07 per ounce above an important resistance level. Right now, I’m seeing professional short-selling as Silver trades at the $27 per ounce level.

Over the last couple of years, I have been asked numerous times by clients and friends my opinion on BitCoin. My limited research showed it was a highly volatile investment, with lots of hype and limited liquidity. While watching Bill Maher last Friday night, I heard and saw a lot of information that I want to share. Please click on the above link to: Bill Maher Launched an Attack on Bitcoin.