Gold And Silver Back On Track To Record Highs

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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Last Thursday after the press release and new conference from the Federal Chairman, Gold and Silver prices soared. To understand why precious metal prices soared, here a few quotes from the Fed Chairman Powell news conference:

“We understand the risk of interest rates remaining high too long.”

“The Fed sees real progress in core inflation coming down.”

“The Fed needs to reduce restriction on the economy well before we reach 2% inflation.”

Gold started rallying after the press release and during Chairman Powell’s news conference, reaching as high as $2,025 yesterday. Gold continued its rally through U.S. trading in Asian and European markets Friday morning. Gold reached a high of $2,047 per ounce, a $65 rally in just over 24 hours.

At the same time, the U.S. Dollar fell below 103 and 10-Year U.S. Treasuries dropped below the important 4% level. The world’s commodity markets have evaluated and understood the importance of the major change in our Federal Reserve’s policy change. Stopping the increases in Fed funds interest and starting to look at lowering them next year is bullish for precious metal prices.

After testing key support levels on Monday and Tuesday, Gold has started building a bullish trading range between $2,017 and $2,045 per ounce. This is well above the key $2,000 support/resistance level. Without any unexpected economic or geopolitical developments, I believe it will trade in this range for the balance of the year.

Gold closed on Friday at $2,019 per ounce, up $19 for the week, and showed excellent trading volume.

Today: Gold continues to build a firm base this morning, trading between $2,020 and $2,025 per ounce on excellent volume. A U.S. Dollar Index trading under 103, and the 10-Year Treasury bill trading under 4%, continue to give incentives to own precious metals.

Silver continues to show more price volatility than Gold trading last week between $22.50 and $24.30 per ounce. Silver closed Friday, at $23.87, up $0.88 for the week. The Silver price can be highly explosive with the ability to jump $1.00 in a short amount of time. Silver has shown that it can lead the precious metal group higher, but it’s inconsistent and sometimes very frustrating. With Gold over $2,000 per ounce, it’s important to see Silver back over $25 per ounce to maintain a bullish status by many professional commodity traders. Based on Friday’s prices, the Silver-to-Gold ratio remains at 84.3-to-1, still an excellent investment opportunity.

Today: Silver traded above and below the $23 per ounce support/resistance level on activities volume, which is a good sign. Many of the world’s largest mints are beginning to roll out their popular 2024 Silver investment and collector coins.

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