Gold and Silver Moving Higher & Back on the 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 six weeks of a declining Gold price, from $1,820 to $1,620 per ounce the price finally turned around last week. During the past six-week period the weakness in the Gold price primarily came from Asian commodity markets. That selling wasn’t from a lack of public buying, it appears to be coming from a central bank or large banking institution.
Last week, both the U.S. Dollar and interest rates moved lower and actions taken by the British Central Bank drove many financial markets lower. The lower Dollar and interest rates caused a buying surge in the precious metal markets, with Gold rallying $50 per ounce. On Friday, the Gold price closed at $1,662 per ounce, up $17 for the week on excellent volume.
On Friday, the Commerce Department reported that August’s inflation was higher than expected. The personal consumption expenditures price index excluding food and energy rose 0.6% for the month after being flat in July, faster than the Dow Jones’s 0.5% forecast.
Today: After reaching a low of $1,660 in Asian trading, Gold followed a big increase in Silver and rallied $30 per ounce. A combination of a lower U.S. Dollar and a drop in interest rates helped Gold quickly move higher.
Silver reached a low of $17.80 in early Wednesday morning trading and ended the week at $19.02 per ounce. That is an amazing $1.22 rally in just three trading days. The $19 per ounce level is important for the short-term direction of the Silver price. On Friday, the Silver-to-Gold ratio moved higher to 87.82-to-1.
Today: Fresh buying helped the Silver market lead the precious metal prices much higher. Silver reached a low last night of $19.17 per ounce, and rallied sharply higher in European trading. Silver reached a high of $20.64, before seeing some light short-term profit taking.
I’m proud to provide the October 2022 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 October 2022 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 U.S. Gold and Silver rare coins, dated prior to 1948, which have a proven track record of appreciation and also offer excellent liquidity.
The October 2022 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. 2022 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.
