Gold & Silver Building A Base For New Highs – April CoinStats
|
Stuppler & Company is proud to provide our clients this Weekly Market Report (WMR). The report gives you my overview of the prior week’s precious metal and rare coin market activity and news. In each WMR, I share the current status of Gold and Silver along with their support and resistance levels. |
|
|
|
|
This Week's Headlines: |
March was an excellent month for Gold investors with an increase of $133 dollars (7.24%), closing the month at $1,969 per ounce. With banking problems temporarily behind us, the financial market analysts are looking at the bigger problem. The world’s largest central banks, including our Federal Reserve are flooding the financial markets with trillions of Dollars, Euro, Pounds and Yen. This massive liquidity will devalue currencies and drive up the price of many commodities, especially precious metals.
On one hand, Central banks are providing all the liquidity needed to help the banking system, and on the other hand, they are acquiring record amounts of Gold to build their nations’ reserves. The World Gold Council reported earlier this year that 2022 was a record year for purchases of Gold for many of the world’s central banks. Based on purchases for the first three months of 2023, I believe 2023 will set another record.
Regardless of what our Federal Reserve does at the next meeting, the die is cast, quantitative easing is in, and precious metals will benefit from the depreciating U.S. Dollar. The investing public sees this, and most of the largest precious metal dealers, including ourselves, had record sales in March and the demand continues to grow. My advice is to increase your holdings, although Gold may test its $1,950 support level one more time. When Gold breaks out above $2,000, it will keep on going.
Today: This morning in Asian and European trading, a strong U.S. Dollar took the Gold price down from $1,970 to $1,950 per ounce, testing a key support level. As trading moved out of Europe and into the U.S., the U.S. Dollar Index showed weakness and the Gold price came storming back. Gold reached a high this morning of $1,991 before seeing some like selling.
If March was an excellent month for Gold investors, it was an extraordinary month for Silver investors. Silver took over the leadership position in the precious metal category. During March, Silver increased in price by $3.14 per ounce. That is an increase of almost 15%, closing Friday at $24.08 per ounce.
During the month of March, Silver moved above three key resistance levels and kept on going. If Silver continues to lead precious metals higher, the next resistance level is $25 per ounce and that should happen this month. As Silver moves up faster than Gold, the Silver-to-Gold ratio has dropped to 81-to-1 on Friday, still a great value.
Today: Silver followed Gold lower in early trading, breaking below the $24 level and reaching a low of $23.58 per ounce. Then, as Gold rallied back, Silver followed and reached a high of $24.29 before slowing down.
I’m proud to provide the April 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 April 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 April 2023 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. 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.
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
