Silver Moves To A Six-Week High On Chinese Tension Over Hong Kong

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Last week, Gold closed between $1,472 to $1,478 all five trading days. The trading volume last week is considered very low, common during the holiday season. There was very little change in the status of the U.S. – Chinese trade agreement, Brexit or the Impeachment process. The focus of many professional traders and fund managers last week was the equity markets as many of the index’s moved to all-time highs. Economists are not looking for a recession early next year. However, inflation and a possible recession could hit the U.S. in the latter part of 2020, unless the Federal Reserve lowers interest rates.
I still continue to believe we will see a year-end rally in Gold, but, as of today, Gold has increased in price by over 15% in 2019. Considering we are in a time where other safe haven investments have earned less than 5% this year, that’s a great performance. Another 15% increase in Gold, from current level would take the Gold price over $1,700 in 2020.
The Gold and Silver fundamentals have never looked better. I continue to believe we will have a year-end rally in the precious metal markets, and Gold at the current price is an unbelievable value.

Today:
Over the weekend, China delivered a blistering rebuke of a U.S. defense bill that demonstrates support for Taiwan and democracy protestors in Hong Kong. Both Gold and Silver have reacted positively to this rebuke, as it could affect the potential trade agreement between the U.S. and China.
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Silver did much better than Gold last week, closing on Friday with an increase of $0.22 per ounce. Silver ended the week at $17.12 per ounce, above the key $17 resistance/support level. Last week, Silver’s trading volume was low like gold, but, later in the week, we saw excellent support for the $17 level. I look for Silver to test the $17.50 per ounce resistance level soon. The Silver-to-Gold ratio decreased to 85.98-to-1 per ounce.

Today: The initial Silver price reacting to the Chinese tension was stronger than Gold, up $0.24 per ounce. Silver reached six-week highs this morning on excellent volume. The next key resistance level is $17.50 per ounce.

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