BOTH GOLD AND SILVER TEST KEY SUPPORT LEVELS AND HOLD
| Stuppler & Company is proud to provide our clients this Weekly Market Report (WMR). The report gives you my overview of the prior week’s precious metal and rare coin market activity and news. In each WMR, I share the current status of Gold and Silver along with their support and resistance levels. |
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This Week's Headlines: |
Late last Tuesday night, the spot Gold price hit an all-time record high of $2,758.37. For the balance of the week, Gold stayed between $2,714 to $2,746 as the price
consolidated recent gains and built a firm base above the important $2,700 level. Gold closed Friday at $2,746 per ounce, up $24 for the week on strong volume in most of the precious metal markets around the world.
Beyond the five major factors that are pushing the Gold price higher (detailed in last week’s Market Report), we are still waiting for more to come. Any break in the U.S. Dollar Index or higher U.S. jobless rate reported next should push the Gold price to a new record high. As we move forward toward the Nov. 5th elections and the Federal Reserves Fed Funds interest rate announcement on Nov. 7th, we should see Gold hold in the current price range. The attacks by Isreal on Iran last weekend were not as serious as most professional commodity traders/brokers had anticipated, so the Gold price sold off in Asian trading this morning.
This coming Thursday/Friday we are going to hear about the U.S. Weekly Jobless Claims, Durable Goods numbers for September, and Consumer Sentiment indications. These indicators can be key to any Federal Reserve decision on interest rates next month.
2024 has been an extraordinary year for the value of Gold and Silver. Currently Gold is up $684 per ounce (33.17%), and Silver is up $9.80 per ounce (41%). Many of my clients who purchased Gold and Silver from 3 to 40 years ago are all asking the same questions, “IS IT TIME TO SELL AND TAKE MY PROFIT?”. My answer is, if your precious metal holdings represent over 40% of your liquid asset holdings, sell 5-10% and plan a great vacation, you deserve it. Save the balance and enjoy the ride higher.
Today: Gold traded down this morning in Asian and Middle Eastern markets on news that the Israeli attacks on Iran weren’t as serious as originally expected. Gold reached a low of $2,723 per ounce before finding buyers in London and U.S. markets.
Even though Silver closed Friday at $33.67, up $0.07 for the week, that’s not the entirety of Silver’s story for last week. Silver reached a high of $34.92 and a low of $33.09 per ounce last week, a $1.83 high/low range, with a 5.5% difference. That’s a lot of volatility for a week. Demand and trading in physical Silver, futures, and options has been very strong recently in many of the world’s largest commodity markets.
With Silver’s high volatility, it’s difficult for me to set a baseline for a support level, however, if Silver can stay above $33 this week, it could become a key support level for the near term. Any continuation by Gold towards $2,800 or above can only help the Silver price move towards $35 per ounce. The Silver-to-Gold ratio has dropped to 81.2-to-1.
Today: Silver dropped with Gold, reaching a low of $33.17 before seeing bargain buying in London and New York trading. Silver investors are being more aggressive than Gold buyers, taking Silver up on the day.
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