GOLD & SILVER BROKE KEY SUPPORT LEVELS

CLICK HERE FOR NEW Morgan Silver Dollars

CLICK HERE FOR NEW Peace Silver Dollars

CLICK HERE FOR NEW $20 Gold Saint Gaudens

Last week was ugly for precious metal investors amid rumors that Trump was planning a major attack on Iran after the midterm elections in November. Gold opened in China last Friday above $4,015 per ounce, and the price stayed above $4,000 in India and London. But when Gold trading started in the U.S. Friday morning, it dropped to a low of $3,975 per ounce before rallying back by the close. Gold closed on Friday at $3,996 per ounce, down $169 for the week.

I didn’t believe Gold would drop below $4,000 and was totally surprised by last Friday’s close. I doubt that Gold will stay below $4,000 for more than a week unless Trump launches a major attack against Iran after the November 3rd elections.

Last night in early overseas trading, Gold reached a low of $3,977 per ounce, but when trading in China opened, Gold quickly rallied, reaching $4,020 before the Mumbai market opened. As trading moved around the world, Gold stayed above $4,010 per ounce.

The Treasury named Judy Shelton a counselor to Treasury Secretary Scott Bessent on October 9th. Shelton has been a strong advocate of Gold, and she has proposed 50-year Treasury bonds redeemable in dollars or Gold at maturity, which she believes would lower borrowing costs. If these bonds were redeemable in Gold, the Gold price would need to be revalued. That would be a very credible and highly profitable move for the U.S. Treasury.

The U.S. Treasury is holding 261.5 million ounces of Gold at the statutory price of $42.22 per ounce, valued at $11 billion. If Congress approves, this Gold could be revalued to the current market price, increasing its value to over $1 trillion. Something worth thinking about.

Key Economic data to watch this week:

• October 26th, Monday:
• October 27th, Tuesday: September Durable Goods, September New Home Sales, Federal Reserve Committee Meeting
• October 28th, Wednesday: September Wholesale Inventories, September Retail Inventories
• October 29th, Thursday: September Personal Income
• October 30th, Friday:

Today: Gold stayed above the key $4,000 level in all overseas markets last night and when it opened in the U.S. this morning. Demand has been strong, especially in China.

The Silver price suffered another ugly week, reaching a low of $52.75 before finding bargain buying during U.S. trading. With the Gold price dropping below $4,000, Silver was just another victim of the sell-off.

The recent drop in the Silver price was driven by the same factors that caused Gold to test key support levels last Friday. However, Silver doesn’t have the central bank buying that Gold has. While Gold attracts strong demand from international investors and central banks as a financial safe haven, Silver’s larger industrial-demand component faces pressure from substitution and reduced Silver usage in solar applications, electrical and thermal conductivity applications, and coinage.

Today: Silver reached a low of $52.88 last night before seeing some demand in overseas and U.S. markets, rallying back above the $54 per ounce level.

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

Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
Anti-Counterfeiting Educational Foundation. Barry Stuppler, the original founder of MintStateGold.com, is proud to say he has helped over 25,000 rare coin and precious metal investors and collectors to build their collections and holdings. For more information about Barry click here.

All statements, opinions, pricing, and ideas herein are believed to be reliable, truthful and accurate to the best of 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.

Stuppler & Company, Inc. 5855 Topanga Canyon Blvd. Suite 410, Woodland Hills, CA 91367
888-454-0444 - [email protected].