Gold Building A Firm Base - New CoinStats Is Here
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Gold spent all last week trading above and below the key $1,550 per ounce support/resistance level. Gold reached a low of $1,535 and a high of $1,560 per ounce, closing the week at $1,559 per ounce, up $0.20 for the week. Considering we started the year at $1,519 per ounce, this base building period is very healthy for both the short and long term price of Gold.
During January, we’ve had the Iranian Crisis, the Chinese trade agreement process with Brexit, and continued impeachment news. This has provided a lot of volatility for the Gold price, which reached a brief high of $1,611 per ounce on January 8th.
It appears that the impeachment news isn’t having any impact on the direction of precious metal prices, so this week could be quiet. Staying above the key $1,550 level would be excellent consolidation for the price. Of course, if there’s any geopolitical news from Iran, North Korea, Iraq, China, Russia, Syria, or any other country in conflict, we could see serious movement in Gold.
Today:
Gold reached a high of $1,566 per ounce over the holiday weekend before seeing short-term profit taking in European trading this morning. It appears that Gold is continuing its consolidation phase, trading above the key $1,550 level.
Last week, Silver was more volatile than Gold, reaching a low of $17.63 and a high of $18.12 per ounce. $18 per ounce continues to be a very important resistance/support level for Silver.
There is an excellent article above called "The Biggest Silver Bull Market is About to Knock on the Door". The article is about JP Morgan’s 350-million-ounce hoard of Silver (around 38% of the world's production). Silver closed last week at $18.01 per ounce, down $.03 for the week, with the Silver-to-Gold ratio increasing to 86.33-to-1 ounce of Gold.
Today: Silver also rallied over the holiday, reaching $18.12 per ounce, but as we rolled into trading this morning Silver sold off, hitting $17.60 per ounce before finding buyers. If Silver can’t move back above $18, especially with Gold above $1,550, it could give it a negative short-term direction.
January 23rd marks the 60th anniversary of my rare coin career. In 1960, I was 15 years old and working selling screen doors, door-to-door, for my father. On one exhausting Saturday, I noticed a coin shop in the far corner of a fairly non-descript shopping center. I went in and looked around. Of particular interest to me was the Bid Board by the counter. These boards, which you can still find in some shops, had rare coins in plastic baggies affixed to it, with room for customers to write down their bids for that week.
What really caught my eye, however, were these brand-new rolls of pennies, fresh from the Federal Mint in Philadelphia. The shop owner, who seemed like an amicable old fellow, told me they were in pristine condition. A roll of fifty pennies cost 80 cents, and twenty rolls went for $16. I bought the twenty rolls: my very first coin investment. I put the pennies in my drawer and all but forgot about them until, a few months later, after a particularly good day selling screen doors, I went back to the coin shop and asked if there were any more pennies for sale. The shop owner remembered me. With a raised eyebrow, he asked if I still had the rolls.
“Yes, I do.”
“Tell you what. I’ll give you $100 for them.”
I thought to myself, Hhmm, $100 for an initial $16 investment? Interesting.
I knew that I had something of value, but I wasn’t sure how valuable or why they were so much more than I’d originally paid. My gut instinct told me that they were worth more than the $100 I was being offered. So, I phoned a couple of other coin shops, and soon discovered that, in 1960, the year the pennies were minted, the “6” in “1960” was minted too small, which meant the die had clogged up in the middle of the number, so they weren’t “clean” enough to fit the mints standard. When the die was enlarged and minted at the end of the month, the “6” was larger too. Suddenly, the coins with the smaller “6” were deemed rare, given a very small and now discontinued mintage. Consider this: today the error coins, those with the smaller “6,” are worth $2 each, whereas the coins with the larger “6” are worth a mere 2 cents. Now back to 1960, and that eureka moment, when I realized that my rolls were worth not $100 but $400! My $16 investment had grown into $400 in just three months. Sayonara, screen doors. Bring on the coins! I didn’t hesitate, and I’ve never looked back. In four months, I studied a lot and opened a coin shop in my father’s building supply retail store in Gardena.
I’m writing a book about my life in the rare coin and precious metal community, I hope to have it ready by the summer.
I’m proud to announce that the 2020 version of CoinStats has been updated with plus grades and other new features. CoinStats for January 2020 provides a statistical analysis of six different U.S. rare coin series: $20 Gold Saint Gaudens, $20 Gold Liberties, $10 Gold Indians, Morgan & Peace Silver Dollars, and the Walking Liberty Half Dollars.
One of the new changes in the 2020 version of CoinStats is all the populations and prices are from PCGS, we have deleted NGC populations. The reason for this change is over 80% of my clients only purchase PCGS coins, so I wanted to focus on PCGS data only. A new addition is information in increases in all PCGS grade populations from issue to issue, plus increases in popular PCGS Registries at the bottom of the Best Value page.
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. I would appreciate your input on the changes in CoinStats. To receive the latest CoinStats analysis, just put the word CoinStats in the subject line and email me which of the six series you would like to see.
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All statements, opinions, pricing, and ideas herein are believed to be reliable, truthful and accurate to the best of the 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.
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