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The metals markets had a short session on Monday, Memorial Day. Prices of gold and silver were up strongly with gold up about 1% and silver up about 5%. Since most players in the US were off for the holiday, this indicates a strong interest from overseas.
Gold is approaching its all-time high and silver is approaching it’s multi-year high last seen over 12 years ago. Talk about upside momentum! Buying on the dip, which we see occasionally, and most recently last week, is when the smart money buys. A $100 dip in price may seem like a lot when the price is a lot lower. At over $2,400 an ounce for gold, this presents a buying opportunity.
The significant market-moving economic report this week is on Friday, May 31sth, when the Personal Consumption Expenditures Price Index (PCE) from the US Department of Commerce Bureau of Economic Analysis is released at 8:30 AM EDT. This is the inflation indicator most closely watched by the Federal Open Market Committee of the US Federal Reserve that sets interest rates at their periodic meetings. Their next meeting is scheduled for June 11th and 12th.
