Gold and Silver Testing Key Long-Term Support Levels

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After reaching a 30 day high of $1,835 last Thursday, Gold saw serious selling on Friday closing at $1,815 per ounce. The key to Gold staying short-term bullish is the important $1,800 price level, and based on Friday’s trading we could test that level quickly. I was surprised to see Gold break down below $1,820 per ounce on Friday, because that level has recently shown lots of price resistance. I was looking for Gold to move to the $1,850 level quickly, however on Friday that didn’t happen. Now, Gold needs to consolidate above $1,800 for the next attempt to break $1,820 and move higher. Yes, I continue to believe Gold will be over $2,000 per ounce before year-end 2021.

Many of the popular Gold investment coins, pre-1933 U.S. and European Gold, and modern issued bullion coins are seeing better supply and premiums are starting to come down. Demand remains strong as our company sees hundreds of new investors coming into the market. During conversations with other large established dealers, I have learned that they are seeing a similar amount of new investors. It has become increasingly clear that the rare coin and precious metal coin business is in a major growth period. Since most of our new clients were referred by current and past clients, our sales staff, my son David, and myself enjoy answering their beginner questions and providing guidance to the right products based on their goals.

Today: Concerns that our economy will suffer from another round of Covid-19 infections, has driven the equity markets lower and the U.S. Dollar Index higher today. Gold briefly broke major support at $1,800 in overnight trading, but rallied back on heavy buying.

Silver reached a high of $26.55 last Wednesday, while showing excellent support above the key $26 level. However, on Friday when Gold broke down below $1,820, Silver saw heavy short-selling after breaking the $26 level and it closed at $25.65 per ounce. To say Silver needs to move back above $26 to stay short-term bullish is an understatement. The Silver-to-Gold ratio has risen to 70.76-to-1.

Today: Silver, which dropped $0.56 last Friday, saw another correction of $0.75 in early trading, below the key $25 level. Silver found strong support at that level and rallied back $0.20 per ounce.