Gold And Silver Testing Support Level – A Great Opportunity To BUY

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	New York Gold Vaults Are Getting Stockpiled Due to Market Dislocations
	The coronavirus pandemic triggered extensive economic volatility across the US, resulting in the mis-pricing. . . .Hermina Paull
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	Silver prices have gained a meager 1.2%, so far this year, due to the coronavirus-induced crisis. Silver. . . .Madhurima Das
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	The world seems to be on fire. A couple of months ago, the economic upswing was still firmly established, production. . . .Degussa
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	While the US stock market has rallied over the past 5+ weeks, Gold has stalled near $1730 to $1740. . . .Chris Vermeulen
	The Largest Ever Physical Transfer Of Gold
	Two months ago, when the market was in a state of near-total chaos as a result of a sudden collapse in global. . . .Tyler Durdan

Last Friday, to the surprise of many market analysts, the May unemployment rate dropped to 13.3%, from April’s rate of 14.7%. This news caused the equity markets to rally and precious metals to drop quickly. After the markets closed, it was reported by the Bureau of Labor Statistics (BLS), that the number wasn’t accurate. They mistakenly didn’t count furloughed workers as unemployed, and the real number should have been 16.3%. Which was an increase of 1.6%, not a decrease of 1.4%. Weekly data from the Labor Department has shown 48 million new unemployment claims have been filed since coronavirus-related lock downs began in early March.

Last Friday, Gold dropped $38 on the false unemployment news and broke down below the key $1,700 per ounce support level for the first time in over 3 weeks. After hitting a low of $1,670 on Friday, it rallied back on bargain buying to close Friday at $1,680 per ounce. I would expect to see the Gold price to rally on Monday.

I can understand the initial reaction caused by the false unemployment news on Friday, but it’s the long-term effects of the global recovery that I focus on. With over $7 trillion dollars of stimulus from our Congress and Fed and $10 trillion additional worldwide stimulus, paper money will lose value quickly. I believe the world’s economic recovery will lead to an unprecedented inflation rate, faster than I originally thought. Right now, there is a great opportunity to add to your Gold and Silver holdings at an attractive price.

Today: Gold opened high and showed excellent demand most of the trading day in Asia and Europe. One of the helpful factors for Gold is the U.S. Dollar index continuing to drop, now below 97.

Silver also reacted to Friday’s false unemployment news and dropped $0.58 per ounce, reaching a weekly low. Last week, Silver reached a high of $18.90 per ounce, before seeing heavy profit taking. Silver looked to be finding support at the $18 level until Friday’s news. After a $3.50 increase in the month of May, it would be healthy for the Silver price to consolidate in the $17 to $18 range. The Silver-to-Gold ratio has increased to 96-to-1.

Today: Silver moved up with Gold this morning, hitting a high of $17.76 in Asian trading. Silver did reach a low of $17.35 last Friday, and now it is trading above $17.65 per ounce.

Right now, the rare coin market is very active. I spoke with a number of dealers last month, and they report increased sales, not only in the popular U.S. Gold and Silver coins but many of the classic series of coins. Many of these dealers are running out of inventory and are aggressive buyers right now. The feeling is that the demand is being caused by concerns about the future value of currency. Plus, collectors being stuck at home, have time to work on their collections with the money they aren’t spending elsewhere.

Last Thursday the U.S. Mint released the 2020 Basketball Hall of Fame in a variety of different metal contents and strike types. We have reviewed the release and at this time do not find it a good investment given the release details and current demand for the pieces. If you are looking to add these coins to your possession, we recommend waiting 6-12 months as it seems very likely that the cost will be lower than what dealers are offering right now.

We will be looking to offer pure silver and/or pure gold versions of the coin graded perfect 70 by PCGS and NGC in about 6-12 months. The clad versions will be most likely something we will not offer given historical market conditions on those strike. If you have interest in the pure gold and silver coins, please email [email protected] so we can notify you as soon as we feel that the market conditions are much better suited to buy them at the best price possible.

Thank you Barry + David StupplerMintStateGold.com by Stuppler and Company[email protected] 1-888-454-0444
	Barry Stuppler Founder + President	David Stuppler Managing Director
All statements, opinions, pricing, and ideas herein are believed to be reliable, truthful and accurate to the best of Stuppler & Company’s knowledge at this time. Stuppler & Company disclaims and is not liable for any claims or losses which may be incurred by third parties while relying on information published herein. Individuals should not look at this publication as giving finance or investment advice or information for their individual suitability. All readers are advised to independently verify all representations made herein or by its representatives for your individual suitability before making your investment or collecting decisions.