Silver & Gold Are Building A New Base Above $15 And $1,300 Per Ounce
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Gold
Silver
Recommended Investment Commitment And Diversification
Last week Gold traded between $1,290 and $1,310 per ounce all five trading days. After the $60 correction that occurred the week before, this was a base building period. Gold could test $1,280 under the right circumstances, but I believe the worst of any correction this year is behind us. Gold closed at $1,301 on Friday, up $4 per ounce for the week.
I think we are overdue to see a break in the U.S. Dollar Index and interest rates. When that happens, it will signal a rally in the Gold price back to the $1,350 area. I still continue to believe that Gold will see $1,400 per ounce this year. That value will primarily be fueled by central bank buying, as they dump the Dollar to build up their nation’s Gold reserves.
Today: The Gold buyers are back. Fresh buying from Asia, Middle-East and Europe drove the Gold price to $1,306 this morning. A weaker U.S. Dollar (Index below 96) and a drop in interest rates are also bringing in Gold/Silver buyers in the U.S. commodity market.
Last week, after reaching a low of $15.07 per ounce, Silver stayed in a tight trading range above the important $15 per ounce support level. Silver closed last Friday at $15.25, down $0.03 per ounce. Silver is trying to build a base in a new trading range between $15.20 and $15.50 per ounce. The current Silver to Gold ratio is 85.02-to-1.
Today: Silver is following Gold higher this morning, reaching a high of $15.50 per ounce, before seeing selling.
Recommended Investment Commitment and Diversification:
Diversification includes 50% in long term investment quality rare coins
and 50% short term bullion products, divided into
60% Gold, 30% Silver, and 10% Platinum & Palladium
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