Gold’s Consolidation & Base Building Is Almost Over –Now The Rally

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August has been an exciting month for Gold owners. Of the fifteen trading days, Gold has closed over $2,000 per ounce six times, setting an all-time record high of $2,070 on August 7th.
Last week, Gold closed at $1,937 per ounce, down $2.60. What we saw last week was a testing of support and excellent consolidation after the recent gains.

Late last Wednesday, the Federal Reserve released the minutes of its July meeting. The Fed made it clear with a dire warning that the U.S. economy is unlikely to recover this year. The Federal Reserve’s July minutes also showed that it lacked a commitment to provide more quantitative easing (QE). The Gold market reacted negatively to the Fed’s lack of an additional QE commitment and an increase in the U.S. Dollar Index, which caused Gold to reach a low of $1,910 per ounce during Thursday trading.

As I have explained numerous times, Gold isn’t going straight to $2,200 by year end without price corrections, and base building after selloffs. Since the beginning of the year we have seen three corrections of approximately 10% as the price has moved from $1,519 to $1,937, a 27% increase. I would not be surprised to see Gold make one more move to test the important $1,900 resistance level this week. However, we are still in a Gold bull market and we are going to see higher prices soon. These corrections offer an excellent opportunity to add more Gold to your holdings. STAY BULLISH AND ENJOY THE RIDE.

Today: Gold has found a home today between $1,925 and $1,960 per ounce, as it continues to consolidate the price. The U.S. Dollar Index is unchanged and there is nothing happening from Congress or the White House on the next coronavirus stimulus legislation.

After reaching a recent high of $29.90 on Friday August 7th, then hitting a low of $23.50 just three days later, Silver’s volatility calmed down last week. Silver opened the week at $26.06 per ounce and closed the week at $26.72, up $0.66 per ounce. Silver established a nice trading range between $26 and $28 per ounce most of the week. I expect to see Silver take another attempt at breaking the $30 per ounce when Gold moves back above the $2,000 level. The Silver-to-Gold ratio dropped to 72.5-to-1 last week.

Many of the popular Silver investment products continue to be in strong demand from Silver investors. The U.S. 1oz Silver Eagles, Canadian 1oz Silver Maple Leafs, Australian 1oz Silver Kangaroos, and 1oz Silver Trade Units remain in short supply or are backordered from their respective mints. The higher premiums over spot reflects the shortages and heavy demand.
When Silver rallies over $30 per ounce, I would expect to see those premiums increase and shortages to get worse.

Today: Silver, like Gold, is trading in a tight range from $26.25 to $27.25, as it builds a firm base for the next leg up toward $30 per ounce. Many Silver futures investors are rolling September into December this week, which should increase some volatility.