Gold Remains Bullish , Silver At 12 mo. High

(Kitco News Wednesday, July 24th, 2019) – Gold prices are slightly up and the silver market is posting good gains and hit a 12-month high in midday U.S. trading Wednesday. The precious metals bulls continue to enjoy very constructive price charts that are inviting traders to the long side of the markets. August gold futures were last up $1.10 an ounce at 1,422.90. September Comex silver prices were last up $0.134 at $16.61 an ounce.The mainstream business media is starting to pick up on the recent rallies in gold and silver markets. The Wall Street Journal just ran a feature story entitled, “Gold’s Luster is Spreading to Other Precious Metals.” That can mean big moves are coming.U.S. trader and investor attitudes are still generally upbeat at mid-week on news the U.S. and China have restarted their heretofore stalled trade talks, with U.S. officials traveling to China soon for fresh negotiations.

In focus now is the European Central Bank’s regular monetary policy meeting on Thursday. The ECB is expected to lean easy on its money policy. Next week, the U.S. Federal Reserve’s Open Market Committee (FOMC) has its money policy meeting and is also expected to ease its monetary policy.

The key “outside markets” today see Nymex crude oil prices near steady and trading around $56.80 a barrel. Meantime, the U.S. dollar index is slightly weaker after hitting a five-week high overnight.

Posted by :

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com

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