GOLD & SILVER BACK ON BULLISH TRACK

CLICK HERE FOR NEW Morgan Silver Dollars

CLICK HERE FOR NEW Peace Silver Dollars

CLICK HERE FOR NEW $20 Gold Saint Gaudens

	Gold Heads For Weekly Drop As US Recession Fears Calm Down
	Gold prices eased on Friday as the latest jobs data eased concerns on U.S. recession... Sherin Elizabeth Varghese and Daksh Grove
	Fed Rate Cuts May Finally Bring Western Investors Back Into Gold Market
	Both gold and silver prices have experienced significant rallies in 2024. With gold trading over $2,500 per ounce, while... Goldman Sachs
	Morgan Stanley Predicts Gold Prices To Soar To $2,600 By Q4 2024
	Gold prices are on the brink of hitting new record highs, with Morgan Stanley forecasting a surge above... The Jerusalem Post
	Silver Faces Bloodbath As Fears Of Global Slowdown Intensify
	Silver price (XAG/USD) is down by more than 5%, skids below $28.00 in Monday’s European session. The white metal nosedives to... Sagar Dua
	Gold Gets Dragged Into Selloff As Share Slide Jolts Investors
	Gold fell as much as 1.2% in early Asian trading, dragged lower by weakness in global stocks, which offset concerns over... Bloomberg

Growing concerns from analysts about a deepening U.S. economic slowdown are weighing on all the financial markets, with traders worried that the Federal Reserve may be behind the curve on interest-rate cuts. These concerns, combined with growing fears of a worsening war in the Middle East, are providing increasing demand for Gold.

Last Thursday, the U.S. Labor Department reported that the initial claims for unemployment benefits fell by 17,000 claims to a seasonally adjusted 233,000 in July. This number was lower than expected, as consensus estimates forecasted a reading of 240,000 claims. The previous week’s figure was revised up by 1,000 claims to 250,000.

Jackson Hole, WY, will host the 47th annual symposium (August 22-24) for financial analysts, professionals, and Federal Reserve members. It comes just weeks before the first expected cut by the Fed (September 18). The language will be key as will data leading up to the event. The 31 July FOMC meeting appeared to embolden that a cutting cycle will start in September. Confidence can also be derived from the fact that the Fed very rarely likes to surprise, outside of an “exogenous shock.”

After Gold moved back above the key $2,400 per ounce level on Wednesday, the Gold price has shown excellent demand and price consolidation. Gold appears to have built an excellent base above $2,400 per ounce, barring any major bearish economic news. Gold ended last week at $2,432, up $3 for the week.

Today: This week is very important for our economy. On Wednesday and Thursday, we have the July CPI, Retail Sales, and Jobless claims all being released. These are all key economic indicators that the Federal Reserve values and they will determine any upcoming reduction in the Fed Fund rate in September.

Gold started today on a bullish tone in Asia in anticipation of an Iranian attack on Israel. As the markets moved into the Middle East and Europe, Gold reached a high of $2,450. Then as the commodity markets moved into the U.S. Gold reached a high of $2,467 per ounce.

Silver showed far more price volatility last week than Gold, closing at $27.46 per ounce, down $0.80 for the week. Concerns about a deepening US economic slowdown have affected demand for many of the popular Silver investment coins. Premiums on many of these coins have dropped to very attractive levels. The Silver-to-Gold ratio continues to be weak, reaching
88.56-to-1.

Today: Silver followed Gold higher, reaching a high of $28.07 in European markets. Silver saw some light selling in U.S. markets and found excellent support around $27.80 per ounce. If Gold can stay above $2,450 today, I would expect to see Silver back over $28 per ounce.

REMEMBER MY DAILY BLOG

If you want to get the update on what’s happening in the Gold, Silver, and rare coin markets any weekday, our company offers a daily blog Monday through Friday at www.stupplerblog.com