Gold & Silver Continue To Build A Base Above $1900 & $24 Per Oz
| 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. |
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This Week's Headlines: |
Last Friday, Gold closed at $1,901 per ounce, down $19 for the week, but still up $386 since the beginning of 2020. Gold did hit a high of $1,934 per ounce last week but couldn’t hold it.
A strong U.S. Dollar Index has put pressure on the Gold price all week. Gold has traded above and below the key $1,900 level for over a month now. Frustrating as it has been, I looked at previous Gold breakouts and many of them started with a long base building period followed by a test of the recent lows and then Gold never looked back, on the way to a new all-time high.
Most precious metal traders are looking to legislation stimulus recovery aid for the next leg higher for metals. Over the weekend, Nancy Pelosi gave a 48-hour deadline to get it done. The president badly wants to take credit for a massive stimulus package before the election. Many market analysts feel if we don’t have a massive COVID-19 aid package before the election, it is likely to not happen until January.
Last week, the U.S. economic numbers were mixed. While the Labor Department reported a lower than expected September Producers Price Index of 0.4%, the U.S. Retail sales number was up 1.9%. These short-term economic indicators are informative but meaningless without an immediate stimulus aid package for the unemployed, businesses, cities, and states.
Today: After seeing a high of $1,920 in European trading this morning, we are now seeing a small increase in the Gold price. In the U.S. we saw a slight sell-off in the U.S. Dollar Index and renewed talks of a stimulus aid package coming.
Silver closed last Friday at $24.36 per ounce, down $0.70 for the week, but still up an impressive $6.59 (36.88%) since the beginning of 2020. Silver reached a high last Monday of $25.57 per ounce but couldn’t hold the key $25 support level later in the week. On the bullish side, Silver closed all five trading days last week above the $24 level, even though Silver reached a low of $23.60 during trading last Thursday. The Silver-to-Gold ratio moved higher last week, closing last Friday at 78.12-to-1.
Today: Silver briefly moved back above the $25 level in Asian and early European trading this morning, reaching a high of $25.06 per ounce. During U.S. trading, Silver is showing excellent support around the $24.50 level.
| Thank you Barry + David StupplerMintStateGold.com by Stuppler and Company[email protected] 1-888-454-0444 |
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Barry Stuppler |
David Stuppler |
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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. |
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