Silver Breaks Out Above $18 Per Ounce, While Gold Moves Higher

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	The Largest Ever Physical Transfer Of Gold
	Two months ago, when the market was in a state of near-total chaos as a result of a sudden collapse in global supply chains due to the hasty coronavirus. . . .Tyler Durdan
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	The record stood for 29 years...In 1991, silver was dirt-cheap relative to gold. Prices for both metals had fallen. . . .Chris Igou
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	Since 2007, the annual In Gold We Trust report is THE authoritative report on gold investing. . . .Ronald-Peter Stöferle and Mark Valek - In Gold We Trust
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Last week started with optimism because many of the major pharmaceutical companies were talking about their development of a coronavirus vaccine which provided a favorable climax for our financial markets. By Wednesday, the environment changed as U.S. Secretary of State waged an attack on China by saying Hong Kong was no longer autonomous from China, implying the U.S. may revoke Hong Kong’s favorable trade status. By Friday, Trump took unprecedented action against China, as he:

1. Said China ripped off the United States like no one has ever done before
2. Stated Beijing has raided our factories and gutted American Industry
3. Called out China for espionage to steal our industrial secrets
4. Announced new steps to protect American Investors from Chinese Financial practices
5. Said China has unlawfully claimed territory in the Pacific Ocean, threatening freedom of navigation
6. Blasted China for passing a national security law that undermines Hong Kong’s autonomy

This escalation of confrontation with China and concerns of how China will likely strike back caused both Gold and Silver prices to jump. The Gold price ended the month of May at $1,730 per ounce, up $35 as it built a strong foundation for the next leap higher. Congress and the Federal Reserve continue to spend money to provide stimulus for the economy. On Thursday, the House passed bipartisan legislation to make changes to the Paycheck Protection Program set up to help struggling small businesses with emergency loans during the pandemic. This is the latest effort on Capitol Hill to address economic fallout from the COVID-19 crisis. While the Federal Reserve Bank adds more liquidity to the financial markets, our national debt is currently nearing $26 Trillion (https://www.usdebtclock.org).

As this crisis continues to move forward, it’s becoming clearer why our clients need to increase their precious metal ownership to protect their life’s savings. Cash continues to be a depreciating asset. Federal, state, and corporate debt will drive our Federal Reserve to do one bailout after another, as we completely depreciate the value of currency. I continue to believe Gold will hit $2,000 per ounce this year and that represents another 15% increase of current value.

Today:Strong demand and a weaker U.S. Dollar has helped Gold move higher today. Over the past weekend the Gold price had excellent support, reaching a high of $1,748.

Silver was the super star precious metal performer in May, closing at $17.90 per ounce, up over $3.50 since the beginning of the month. The heavy CME trading volume indicates Silver is on a bull run. I believe after building a base above the key $17 support level, Silver is heading for a new 2020 high, above the $18.80 it reached in February. The Silver-to-Gold ratio has dropped to 94-to-1.

Today: Increasing industrial demand helped push Silver through the $18 per ounce resistance level. Silver hit a high of $18.46 per ounce before see some short-time profit taking.

Right now, the rare coin market is very active. I spoke with a number of dealers last week and they report increased sales, not only in the popular U.S. Gold and Silver coins, but many of the classic series of coins. Many of these dealers are running out of inventory and are aggressive buyers right now.