GOLD TRADING ABOVE THE $2,900 LEVEL AND MOVING HIGHER
| Stuppler & Company is proud to provide our clients this Weekly Market Report (WMR). The report gives you my overview of the prior week’s precious metal and rare coin market activity and news. In each WMR, I share the current status of Gold and Silver along with their support and resistance levels. |
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This Week's Headlines: |
Gold continued to move higher last week, reaching a new all-time high of $2,955 per ounce on Thursday. Gold closed last Friday at $2,937 per ounce, up $52 for the week.
Demand for Gold continues to grow especially in Asia, the Middle East, and Europe. These worldwide buyers are encouraged to purchase more Gold because of actions taken by the Trump administration. Gold, the best safe-haven asset in times of uncertainty, has gained 12 percent so far this year.
Whether it be new tariffs, firing military leaders, governmental agencies’ employees, or Justice system leadership, or talk of withdrawing from our NATO membership, there are considerable worldwide fears that the United States is changing for the worse.
In conversations with old friends in Asia and Europe, they say that watching the U.S. media’s coverage is causing real fear that our democracy’s rule of law, that has been in place for over 200 years, is under attack. As that fear continues, the price of Gold will move higher.
Economic data to watch this week:
Tuesday: January Consumer Confidence
Wednesday: New Home Sales
Thursday: Jobless Claims and Durable-goods orders
Friday: January Personal Income and Spending
Today: This morning, Gold reached another all-time record high of $2,959.50 per ounce during Gold trading in London. The increase was driven by a weaker U.S. Dollar (a two-month low) and lower U.S. economic data and higher inflation numbers. The lack of confidence in the U.S. government’s actions continues to drive safe haven buying around the globe.
Last week Silver traded above and below the $33 per ounce level. Silver hit a high of $33.70 on Thursday before seeing a Friday sell-off. However, Silver did close at $32.45 per ounce, up $0.25 for the week. Physical demand for many of the popular investment coins and bars remains strong in Asian and Middle Eastern markets. The Silver-to-Gold ratio has moved up to 89.22-to-1.
Today: Silver tested its key $32 per ounce support level by reaching $32.01 before rallying higher. Silver traded today between $32.01 and $32.82 as it establishes a firm base for the next let higher.
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