Outlook for Gold And Silver for December 3rd

We are long Gold $1740.00 and Silver at $32.80. Our sell stop on Gold remains at $1700 and Silver’s stop is now at $31.90. For the week, Silver closed at $33.60 and was down $.46 or 1.35%. Gold closed at $1717 and was down $34.50 or 1.97%.

Dr. Jeffrey Lewis writes:

The Hong Kong based Chinese Gold and Silver Exchange Society or CGSE announced recently that it will launch Yuan-based silver spot trading in Hong Kong in the first part of next year. The exchange says growing demand for silver has prompted the decision.

This move shows that China is inching closer and closer to the silver market and is quietly nibbling away at Western demand for silver.

Then remember Gold on Jan. 1,m 2013 will be a tier one asset and will get 100% credit in reserves.

Finally, Mark Thomas wrote on October 31st, “…I think this (higher prices for Gold and Silver) will be driven by a combination of supply and demand fundamentals and, more importantly, some world events coming together in the next few months that will lead to renewed interest in both gold and silver.”

BTW, “Gold Rush!” by this blogger is available as an eBook at Amazon for $2.99.  In it you will read about how I think the third Gold rush is near and how you can protect your family’s financial health.

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