GOLD & SILVER CONTINUE TO BUILD A STRONG BASE

CLICK HERE FOR NEW Morgan Silver Dollars

CLICK HERE FOR NEW Peace Silver Dollars

CLICK HERE FOR NEW $20 Gold Saint Gaudens

	Spot Gold Slides To $2,330 Per Ounce After U.S. Existing Home Sales Disappoint In May
	Gold prices fell to fresh session lows after the latest data showed the U.S. housing market underperformed expectations in May....Ernest Hoffman
	The Mysterious Gold Buyer In China
	Matching the total gold holdings of Chinese retail buyers, banks and the PBOC against production and import figures....Chen Long
	Talking Gold - June 2024
	Gold Rose for the sixth month out of the last seven... State Street Global Advisors
	India's Forex Reserves Hit All-Time High of $655.8 Billion
	India’s forex reserves jumped $4.307 billion to a new all-time high of $655.817 billion....Mohammad Haris
	Gold, Silver Post Sharp Gains On Inflation News
	Gold and silver prices are solidly higher in midday U.S. trading Wednesday....Jim Wyckoff

Last Monday and Tuesday, Gold traded in a narrow $25 high/low range between $2,310 and $2,335 per ounce. After the Wednesday holiday, Gold rallied $22 on softer U.S. retail sales data, released on Thursday, which boosted expectations that the Federal Reserve will cut interest rates this year.

However, on Friday, the latest data showed the U.S. housing market underperformed expectations in May. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, fell 0.7% to a seasonally adjusted annual rate of 4.11 million in May, falling below both the 0.3% decline to 4.12 million expected and the revised 4.14 million recorded in April. Year-over-year, sales were down 2.8% compared to May 2023. The Gold price dropped $37 per ounce on Friday after this news.

Now that we have tested the key $2,300 support level numerous times, I expect to see Gold trade between $2,300 and $2,400 for the next month, building a firm base for the next leg higher of $2,500 coming before October. Another test of the $2,300 level is possible but should be short-lived. Of course, any major event or news that directly or indirectly affects precious metals could change my timeline.

Gold closed last Friday at $2,321 per ounce, down $12 for the week. Trading volume is holding, but I expect it to drop over the summer months.

Today: Gold reached $2,334 this morning in U.S. trading as U.S. Treasury yields slipped and investors await further direction on monetary policy from key inflation data due at the end of the week. While Gold did reach a low of $2,315 in Asian trading, it quickly bounced back when trading reached Europe.

Silver has spent most of the month of June trading over and under the $30 per ounce level.
$30 has become a very important price level as it provides both price support and a platform for the next move to $35 per ounce. As Gold stays above the $2,300 level, it’s a good bet that Silver will be back above $30 this month, barring any strong U.S. economic news.

As we move into the summer months, I would expect to see premiums on many of the popular
Silver investment coins to move lower as physical demand drops.

Silver closed Friday at $29.55 per ounce, up $0.14 for the week. The Silver-to-Gold Ratio moved to 78.55-to 1 last week, making it an excellent time to own more Silver.

Today: Silver reached a high of $29.78 in early European trading, but couldn’t hold the rally by the end of the trading session. We did not see strong demand this morning and when the markets moved into the U.S., Silver quickly sold-off, causing the price to be unchanged from Friday.

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