Gold And Silver Building Bases Above $1,900 And $24

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Since Nov. 3, 2022, the Gold price has increased from $1,618 per ounce to last Friday’s close of $1,918.40. This $300 increase (18.5%) in 10 weeks is extraordinary, but not unexpected with the U.S. Dollar Index falling 8%.

Last week, we had numerous economic indicators that helped precious metal rally. The Consumer Price Index (CPI) fell 0.1% month-on-month for December 2022 and U.S. Dollar hit a 6-month low of 101.80. Both of these bullish developments gave Gold the stimulus to break above the key $1,900 level and reach a high of $1,925 before seeing light short-term profit-taking. Gold closed Friday at $1,921, up $52 for the week.

Gold breaking above the key $1,900 resistance level is very significant and staying above that level is highly important. I think Gold will test support a few times over the coming weeks before moving forward to $2,000 per ounce.

Today: Gold is testing its $1,900 support level this morning, reaching a low of $1,904 per ounce before moving higher. A small rally in the U.S. Dollar Index led to some short-term Gold selling in early European trading.

Last Friday, as Gold was moving above $1,900, Silver finally made a strong move above the key $24 per ounce level. Silver reached a high of $24.34, before closing at $24.27, up $0.37 for the week. Silver has traded above and below the $24 level for over 5 weeks, definitely building a firm base for the next leg higher.

Today: Silver initially starting following with Gold’s weakness, breaking though the $24 per ounce support level, reaching $23.84 before seeing bargain buying. In the latest trading, Silver is moving above and below the $24 level.

I’m proud to provide the January 2023 version of CoinStats free of charge for our clients. It has been updated with current prices and populations for regular and plus grades. Other features on CoinStats for January 2023 are six different series: $20 Gold Saint Gaudens, $20 Gold Liberties, $10 Gold Indians, Morgan & Peace Silver Dollars, and the Walking Liberty Half Dollar.

The CoinStats report provides a list of my recommended certified U.S. Gold and Silver coins which are found listed on the Best Value page. These are not the modern issue bullion coins or low-grade circulated coins. These are PCGS certified MS63 or higher Gold and Silver U.S. rare coins, dated prior to 1948, which have a proven track record of appreciation and also offer excellent liquidity.

The January 2023 version of CoinStats has all the populations and prices from PCGS. I have also included information on increases in all PCGS grade populations from issue to issue, plus increases in popular PCGS Registries at the bottom of the Best Value page. 2023 is looking like an excellent year for investment quality rare coin owners with high grade Silver and Gold coins. If you wish to receive a copy of the current CoinStats, just reply in the subject line with the series requested.