Gold & Silver Breakout On Middle East War News - October 2023 CoinStats

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	Silver Catches A Firm Friday Bid, Climbs Back Into $22.70
	Silver is seeing recovery after Thursday's minor backstep.... Joshua Gibson
	Central Banks A Catalyst For $2,100/oz Gold
	Analysts from Toronto-Dominion Securities (TDS) are out with a research note highlighting how healthy demand for Gold coupled with . . . . Joshua Gibson
	Gold Market Commentary: Q4 Turbulence Ahead
	The gold price oscillated between US$1,900 and US$1,950 for most of September until a sharp dip on the 27th took the price to US$1,871 finish and a 3.7% m/m loss.... World Gold Council
	Mongolia Buys 13.2 Tons Of Gold
	Mongolia purchased 13.2 tons of gold in the first three quarters from legal entities and individuals, the central bank said Tuesday.... Huaxia
	Central Bank Gold Demand Still Sizzling In August
	Central banks collectively increased their gold reserves in August for the third consecutive month.... Krishan Gopaul

Last week a number of positive U.S. economic indicators such as higher September CPI, higher U.S. interest rates, a strong U.S. Dollar, and high employment news should have driven the Gold price down to test the key $1,800 resistance level. However, Gold ended the week at $1,930 per ounce, up $100 in just five days on the highest trading volume we have seen in a month.

What factors caused this U-Turn in the Gold price last week? Concerns on how the Israeli-Hamas conflict could expand are causing Gold markets in the Middle East, Asia and Europe to see massive Safe-Haven buying. Reports from many of the world’s largest central banks stating they have been buying record-setting amounts of Gold (see articles above) are causing investors to increase their demand.

The big Gold question right now is what will happen from here? If there are no major military developments in Israel this week, Gold could easily test the $1,900 support level. However, if the war in Gaza expands or other military fronts open, Gold could continue to run, testing the key $2,000 resistance level.

Today: Friday’s $60 increase in the Gold price came mostly in London and the U.S. So when trading started in Asian markets this morning, there was some profit-taking, which took the price down to $1,908. Seeing some short-term profit taking this morning is not surprising. Gold did rally back to above $1,921 by the close in London.

Silver moved higher with Gold last week, rallying $1.17 per ounce and closing at $22.71 on Friday. After Silver dropped $2 per ounce since reaching a low of $20.70 on September 25th, this was definitely a turnaround. Investor demand for Silver continues to be strong, as premiums on many of the popular Silver investment coins stay at low levels.

The Silver-to-Gold ratio is staying at 85-to-1, still an excellent investment opportunity.

Today: Silver saw the same selling on Asian markets this morning, reaching a low of $22.46 before turning north later in the day. Silver needs to build a strong base above $22.50 before moving on to the key $23 level.

I’m proud to provide the October 2023 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 October 2023 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 October 2023 version of CoinStats has all the populations and prices of the selected coins 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. 2023 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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