Both Gold And Silver Trying To Get Back On A Bullish Track
| 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: |
After breaking the $1,900 support level last Wednesday, Gold reached a low of $1,859 before starting a rally. Gold closed the week at $1,880 per ounce, down $24 for the week, and below the important support level of $1,900. I still believe that Gold will soon start a major rally, moving back over $2,000 per ounce.
As we roll into our election week, the big question is what will happen to the precious metal prices if Biden or Trump wins? Regardless of who wins we need to have it decided by next Friday because the markets don’t like uncertainty. The best thing for our country is a non-violent presidential election that has a decision by this Friday.
Let me share what I feel are the likely outcomes. First, Trump quickly wins and keeps control of the Senate. Second, Biden quickly wins and takes control of the House and Senate. If either one of these two options happens, it will be good for the Gold price. Three other outcomes: The election is too close to call and it gets stuck in the courts for months,or Trump wins and loses the Senate, or Biden wins and doesn’t gain control of the Senate. If any of these three possibilities happen, it will not be good for Gold in the short-term. However, regardless of what happens during the election, the price of Gold will be anywhere from $2,500 to $3,000 next year.
Today: The Gold value is showing excellent strength this morning moving back over the $1,890 per ounce level. We need a move above the key $1,900 this week to resume the bullish trend. Many market traders are looking forward to the key U.S. manufacturing report for October, which would give them an indicator of the health of the economy.
When Gold broke down last Wednesday below the key support level of $1,900, Silver dropped over $1.00 per ounce, reaching a low of $22.56 per ounce. Silver rallied on Thursday and closed last Friday at $23.51 per ounce, down $1.12 for the week.
The Silver price, like Gold, will be impacted by the Presidential election results. However, Citibank believes it is not out of the question to see Silver reach US$50/oz or US$100/oz in the coming years. Goldman Sachs believes, based on current polls, that Biden will be the next president and the Democrats will take control of both houses of Congress. If that happens, Goldman believes that “Democrats will unleash huge spending programs unimpeded by any opposition in Congress”.
The Silver-to-Gold ratio has increased last week to 79.96-to-1.
Today: Silver moved higher with Gold today, nearing the key $24 per ounce level. Demand remains strong for the popular U.S. minted Silver products, as many European mints are in lockdown.
| Thank you Barry + David StupplerMintStateGold.com by Stuppler and Company 1-888-454-0444 |
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Barry Stuppler |
David Stuppler |
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All statements, opinions, pricing, and ideas herein are believed to be reliable, truthful and accurate to the best of Stuppler & Company’s knowledge at this time. Stuppler & Company disclaims and is not liable for any claims or losses which may be incurred by third parties while relying on information published herein. Individuals should not look at this publication as giving finance or investment advice or information for their individual suitability. All readers are advised to independently verify all representations made herein or by its representatives for your individual suitability before making your investment or collecting decisions. |
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Both Gold And Silver Break Below Test Support Levels ByApril 30 2024