Gold Ends Higher After A Volatile Week–New CoinStats Is Here
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Last week had the most erratic five days of Gold trading I have seen in years. The Iranian – U.S. confrontation caused Gold to trade from $1,538 to $1,610 per ounce with the record high trading volume in U.S. and world markets. Gold closed last week at $1,560 per ounce, up $11 after a $72 high/low range.
The U.S. killing the head of Iran’s Quds Force, Major General Qassem Soleimani, resulted in the Iranians attacking U.S. military bases in Iraq with ten missiles. When that news was released early Tuesday morning, Gold spiked higher, reaching $1,610 during European trading. When the Gold markets learned the Iranians provided a warning and no American soldiers were killed, Gold immediately sold off $20 per ounce. Then, when Trump gave no indication on Wednesday that there would be any retaliation for the Iranian missile strike, Gold reached a low of $1,538 per ounce. Gold rallied back above $1,550 on Thursday and moved above $1,560 on Friday on disappointing December U.S. nonfarm payrolls numbers. It's highly likely that barring any new geopolitical crisis Gold will likely test the $1,550 level a couple times before moving on to break $1,600 for the second time.
Whether it be Iran, Iraq, Syria, North Korea, or Russia, geopolitical problems aren’t going away. Last week’s Gold rally is just an indicator of how explosive the Gold price will be on the next threat to our nation. Combine that with increasing world debt and record demand for physical Gold from the world’s largest central banks, the Gold price is heading much higher.
Today:
It appears that Gold is in a consolidation phase trading in the $1,550 to $1,560 range. It is important that after last week’s unbelievable price volatility that Gold spends some time building a base ahead of the next leg higher. This morning trading is influenced by investors awaiting Wednesday’s signing of the phase-one Chinese trade deal.
Silver reached a high of $18.82 on high volume when Gold was trading over $1,600 per ounce.
Silver’s correction last Thursday was far more volatile than Gold’s, reaching a low of $17.75 before short-covering and fresh buying appeared. The $18 per ounce support level kicked in on Friday and Silver closed the week at $18.03 per ounce. Silver was actually down $0.04 for the week, with the Silver-to-Gold ratio increasing to 86.14-to-1 ounce of Gold. The Silver equity and ETF markets are indicating that Silver has support at the $18 level.
Today: Silver has traded above and below the key $18 per ounce level this morning. Indicators show that 2020 should be a good year for Silver investors, however I’m predicting a rocky start. There are a couple articles provided above that will explain my comment.
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 offers six different 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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