Gold & Silver Continue to Test Long-Term Support Levels

CLICK HERE FOR NEW Morgan Silver Dollars

CLICK HERE FOR NEW Peace Silver Dollars

CLICK HERE FOR NEW $20 Gold Saint Gaudens

	Goldman Sachs Forecast Gold Rebounding Sharply Towards $2000
	Analysts at Goldman Sachs expect commodities to "rebound sharply" . . . . Dhwani Mehta
	Where’s Gold Going Next? Will Silver Keep Up?
	Last week certainly provided some mixed messages for gold . . . . Lawrie Williams
	Brazilian Central Bank Buys 41.8 Tons of Gold to Bolster Reserves
	After years without substantially changing the amount of gold in its international asset reserves . . . . The Rio Times
	Special Benefits of Investing in Gold
	Today, gold is respected for its rich history and value that are interwoven into different cultures for centuries . . . . Rachel Sterry
	Bitcoin is Not the New Gold - it’s the New Tulip 2.0!
	The collective Zeitgeist claim that Bitcoin and other cryptocurrencies hold safe-haven status with gold is about to be found seriously wanting . . . . Gaius KingFollow
	Ohio Becomes 41st State to End Sales Taxes on Gold & Silver
	Governor Mike DeWine has officially ended Ohio’s sales taxation of gold, silver, platinum, and palladium bullion and coins . . . . Money Metals News Service

July has definitely been a base building month for the Gold price, as the price consolidated between $1,785 and $1,835 per ounce. On the negative side, the U.S. Dollar Index has remained strong around the 93 level. On the positive side, the key U.S. 10-Year interest rate has remained under 1.30%. Demand for physical Gold remains strong as many of the world’s largest central banks are taking advantage of this lull in the market to add to their reserves. Gold traded above and below the key $1,800 level all last week, closing at $1,801.80 on Friday, down $13.20 for the week.

Today: Over the weekend and this morning, Gold has traded between $1,796 and $1,810. Today, Gold appears to be locked in to this level, until it sees a break out.

Silver tested in the key $25 long-term support level twice last week, reaching a low of $24.79 last Wednesday. With Silver dropping over 5% in the past two weeks, it appeared to have found major support above the $25 level. I expect to see serious U.S. inflation numbers reported for July next month. Strong inflation indicators should be bullish for the price of Silver. Silver closed last Friday at $25.20 per ounce, down $0.55 for the week. The Silver-to-Gold ratio has continued to increase, now at 71.41-to-1.

Today: Silver finds excellent demand as it approaches the $25 support level. Silver has traded between $25.15 and $25.55 over the weekend and this morning.

Demand for the popular Gold and Silver U.S. rare coins remains strong. Recent auctions are showing record prices for PCGS/NGC graded Walker Halves, Morgan/Peace Dollars and $20 Gold rarities. With a limited supply, dealers, collectors and investors have been aggressive buyers on many of the popular networks and auction sites. The recent drop in the Gold and Silver bullion prices had no negative effect on the value of Gold and Silver rarities.

Tomorrow, I’m heading to Dallas for the PNG50 coin convention. This is the first rare coin trade show I have been able to attend since the beginning of Covid-19. I’ll provide a report on the show in the next Weekly Market Report.