The rally off last week’s lows in Gold and silver prices accelerated today. What began as paper market selling exhaustion after 3 weeks of consecutive COMEX paper losses received a huge jolt from Donald Trump. The MSM declaration that Trump is on shaky ground politically over the latest Russian allegations jarred global markets, with the DOW and the USDX plunging.
This sent gold prices searing higher over $20 to $1260, slicing through both the 50 day and 200 day moving averages. Not surprisingly, gold’s advance has been stymied for now at 2%- typically the max the cartel will allow gold to advance in a single day. Gold continues to stubbornly hold on to its gains throughout the access market session, although we would not be surprised to a see a retest of $1250 in the next day or two prior to a resumption of a new uptrend.
Silver gained another .30 to $17.08 before settling back under $17. Silver is up nearly $1 in the past 72 business hours, and is expected to continue to rally to a test of its own 50 day moving average, currently at $17.50.
Physical silver demand remained strong this week with investors rushing to lock in prices near recent lows. The US Mint reported Tuesday they had Sold Out entirely of the Frederick Douglass Silver ATB coins, and May Silver Eagle coin sales are on pace to quadruple April sales numbers with 1.56 million coins already sold.