Gold and Silver Back On A Bullish Rally Higher

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Last week was ugly for Gold investors, with Gold breaking down below the key $1,800 per ounce support level. After breaking $1,800, many professionals short-sold Gold, looking to cover the sales when it reached $1,750, the next support level. Gold reached a low of $1,758 before bargain buyers and short sellers started buying. Gold closed on Friday at $1,776 per ounce, down $46 (2.5%) for the week. Last week’s decline in the Gold price has all the makings of a final clean out and I believe we will see a rally back above the key $1,800 this coming week.

During last week the 10-Year Treasury rate increased to 1.38%, the highest it has been this year. Increasing interest rates in the U.S. gives support to the value of the U.S. Dollar, and that causes weakness in the price of Gold. So, it isn’t surprising that Gold reached an eight-month low last week. This coming week we will be seeing the Biden administration try to get a $1.9 Trillion Dollar COVID-19 relief legislation through Congress.

Demand for the popular Gold bullion and bullion plus coins remains strong and premiums reflect that. However, with the recent increase in premiums on modern bullion coins, the Pre-1933 bullion plus European coins provide a better value. I still believe that the current price for Gold represents an excellent opportunity to add to your holdings.

Today: With a weaker U.S. Dollar Index and talk of the $1.9 Trillion COVID-19 relief bill in Congress, Gold started a rally in European Markets. Gold quickly moved above the key $1,800 level and reached a high of $1,815 before seeing light selling.

Compared to Gold, Silver did well last week, only dropping $0.07 per ounce, closing at $27.25. Silver continues to show excellent base building, closing above the key $27 per ounce level all four trading days. The Silver-to-Gold ratio continues to drop to 65.22-to-1, the lowest level since July 2016.

The huge demand for popular Silver investment products continues to cause tremendous shortages across the industry. This shortage, combined with many of the major world mints being backlogged, has driven up premiums on many Silver-based coins and bars.

Today: Silver followed Gold higher, reaching a high of $28.15 per ounce with excellent volume. The Silver-to-Gold ratio continues to decline this morning, moving under 65-to-1, for the first time in over 4 ½ years. I believe this will drop to below 50-to-1, as demand for Silver outpaces Gold demand.

Thank you Barry + David Stuppler MintStateGold.com by Stuppler and Company [email protected] 1-888-454-0444
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