GOLD MOVES OVER $2,400 ON BULLISH INFLATION & EMPLOYMENT NEWS

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	Basel III Explained
	It was introduced in response to the deficiencies in financial regulation revealed by the 2007-2008 global financial crisis....Steve Fusco
	LBMA & WGC Advocate For Reclassifying Gold As High-Quality Liquid Asset Under Basel III
	Last week, delegates from the London Bullion Market Association (LBMA) including Paul Fisher, Ruth Crowell, David Gornall, and Edel Tully, joined Mike Oswin of the World Gold Council (WGC) in Basel for a meeting with the Bank of International Settlements (BIS).... Solitaire International
	Gold Gains As Powell Talks Of Good Progress On Falling Inflation
	Uncertainty over the outlook for monetary policy kept commodity markets skittish.... Daniel Hynes
	CIBC Boosts Gold Price Forecasts Says Trump Presidency Would Be More-Bullish For Bullion
	The Canadian Imperial Bank of Commerce (CIBC) believes the main driver for the change is central bank demand.... Adam Button
	Silver Could Break $35 Per Ounce This Summer
	Silver prices have seen a pullback early this week, but the gray metal is poised to break out above $35 per ounce over the summer... Fawad Razaqzada
	Silver Rose As Fed Could Start Cutting Interest Rates As Early As September
	Silver prices surged by 1.73% yesterday, settling at 93554, driven by increasing expectations that the US Federal Reserve could initiate interest rate cuts as early as September... Commodities

Last Thursday was the third time since April 2024 that the Gold price has closed above $2,400 per ounce. $2,400 is a key support level, and if Gold can remain above that level for the remainder of July it would be a major bullish signal for both the short and long-term direction of the price. I expect Gold to test this level, hopefully closing and staying above $2,400 per ounce from this point onward. On Friday, Gold closed at $2,411 per ounce, up $21 for the week.

Why did Gold rally $77 since the beginning of the month? The key issue was the U.S. Bureau of Labor releasing the June Consumer Price Index (CPI) and surprising the market with a decline of -0.1% after being flat in May. Economists were expecting an increase of 0.1%. U.S. consumer prices cooled more than expected in June, boosting hopes for a September rate cut from the Federal Reserve. A weaker U.S. Dollar and a few other bullish U.S. economic indicators helped create heavy demand for Gold in Asia and Europe.

Over the past few years, I have had numerous Gold customers ask me about the importance of Basel III and its connection to the future Gold price. Understanding the effect of Basel III on Gold’s future price and demand is important to all Gold owners. I have provided a link to an article ("Basel III Explained") above that does an extraordinary job of explaining Basel III. Please take 15 minutes and read the article. Additionally, I recommend reading the "LBMA & WGC Advocate For Reclassifying Gold" article for a better understanding of Basel III’s long term effect on the Gold price.

Today: The Dow, the Dollar, Interest Rates, Gold, and Silver are all higher today. Traders point to the shooting of Trump as the catalyst for the increases. Gold reached a high of $2,437 before seeing light profit-taking.

Silver followed Gold higher based on the same anti-inflationary CPI report. Silver reached a high of $31.80 per ounce on Thursday before seeing some profit-taking. Silver closed on Friday at $30.85 per ounce, down $0.60 for the week.

After breaking below the key $30 support level numerous times two weeks ago, Silver stayed above $30 per ounce last week. $30 per ounce has become the major support level for Silver. I expect to see Silver build an excellent base while trading between $30 and $32 per ounce for the rest of July. $32 is the next resistance level, and if Gold can stay above $2,400, it shouldn’t take Silver too long to break $32.

The Silver-to-Gold ratio moved to 78.15-to-1 last week, making it an excellent time to own more Silver.

Today: Silver followed Gold lower this morning on profit-taking, breaking below the $31 per ounce support level and reaching a low of $30.39 per ounce.

I’m proud to provide the July 2024 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 July 2024 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 Gold & Silver U.S. rare coins, dated prior to 1948, which have a proven track record of appreciation and also offer excellent liquidity.

The July 2024 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. 2024 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.

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