Gold Soaring To 7-Year Record High, While Silver Hits 2020 High

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	Is $1,700 Gold Price Next? It’s Possible In The Short-Term
	This will be a week gold bugs remember for a long time with the precious. . . .Anna Golubova - Kitco News
	Gold Powers Through $1,600 Like A Hot Knife Through Butter
	Gold prices breached the elusive and psychological level of $1600 today, as genuine concerns continue to grow. . . .Gary Wagner
	Russian Central Bank Keeps Buying Gold At Large Discounts To Back Exports
	The Central Bank of Russia has been maintaining large discounts while buying gold thus far this year. . . .Saurav D
	China’s Massive Car-Sales Slump Threatens Palladium’s Rally
	A record 22% slump in China’s January car sales is threatening to derail the rally in palladium. . . .Justina Vasquez - Bloomberg
	Silver Gains Ground - Investors Eye U.S. Consumer Inflation, Retail Sales
	Fed Chair Jerome Powell testified before Congress earlier this week and provided some details about the Fed’s. . . .Kenny Fisher
	Please Do Not Drink Silver to Kill the Coronavirus
	Wherever mass tragedy strikes, there will be vulturous hucksters looking to take advantage of people’s fears . . . . Ed Cara

Last week was a great week for Gold investors with the price up $62 for the week and up $129 since the beginning of the year. Gold closed last Friday at $1,644 per ounce, above the $1,600 resistance barrier, and is well on the way to the next $1,650 resistance level.

Concerns about the global economic fallout from the coronavirus is keeping market analysts up at night. The world financial markets are paying attention to the health of their economies, the spread of the Covid-19 outside of China, and the potential global economic fallout from the virus.

Last Friday, the U.S. stock and treasury prices sold off as traders digested a slate of negative economic news, including China car sales tumbling 92% in February, and the coronavirus cases spiking in South Korea, Japan, and now Italy. The flash PMI numbers were disappointing outside the U.S. The Covid-19 epidemic has reached 80,000 people, with 2,500 deaths, 23 outside China. The Covid-19 casualty rate continues to increase at a unprecedented pace, and it’s starting to affect manufacturing and commerce. This economic and geopolitical uncertainty is driving up the value of the world’s best safe-haven investments, Gold and Silver.

Gold continues to move higher in the face of a strong U.S. Dollar (rarely happens) and should build a firm base above the $1,600 per ounce support level, on the way to reach $1,750 per ounce by year-end, a 15.2% increase for 2020.

Today: The Gold price surged $30 per ounce this morning, as the Dow-Jones equity dropped over 800 points. The major news event is the spread of the coronavirus in China, South Korea, and Italy. China is virtually closing down as manufacturing stops and airlines cancel flights to and from. The feeling in the financial markets is that many of the world’s largest central bank will be adding lots of liquidity into their economies to counter the slowing down. Gold reached a high of $1,686 in over-night Asian and European trading before seeing some short-term profit taking.

If you liked last week’s Gold price increase, you are going to love what the Silver price did. Silver soared an extraordinary $0.80 per ounce, closing the week at $18.54 per ounce on excellent trading volume. This year, Silver has had numerous rallies over the key $18 level and has fallen back. But, the velocity and volume of this rally appears to be strong enough to keep the price above $18 per ounce, as Silver works its way to the next barrier of $19 per ounce. With last week’s strong rally, the Silver-to-Gold ratio has dropped to 88.98-to-1.

Today: Silver reached a high of $18.86 per ounce this morning, an extraordinary $0.40 rally.
At that price there was some profit-taking, but Silver shows excellent support over $18.60 per ounce.