Gold & Silver In Trading Range – July CoinStats Available

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	Silver Faces ‘Unprecedented’ Shortages As Demand Outpaces Supply
	The recent annual report on the metal from the Washington-based Silver Institute shows . . . . Robin Bromby
	China’s Central Bank Boosts Gold Reserves For Eighth Month
	People’s Bank of China (PBOC) holdings of bullion rose by 680,000 troy ounces in June, according to official data released....Bloomberg
	Silver Market To Enter A Period Of Tightness Unseen For Decades
	An acceleration in the transition to renewable energy is supporting metals not usually associated with renewables, such as Silver... FXStreet Insights Team
	Gold Futures Climb As U.S. Jobs Data Show Smallest Rise Since 2020
	Gold prices headed higher on Friday as the U.S. Department of Labor's June jobs report revealed the smallest increase since 2020. . . .Myra P. Saefong and Joseph Adinolfi
	Gold Markets Bounce Hard
	Gold markets initially plunged during the trading session on Monday, but then turned. . . . Christopher Lewis

Gold has tested the $1,900 per ounce support level numerous times over the past three weeks. Gold continually bounces back on massive volume, believed to be due to Central banks building up their Gold reserves. Last Friday, Gold closed at $1,925, up $5 for the week, on higher trading volume in Asia, Europe, and the United States. I expect to see Gold trading between $1,900 and $1,950 as we wait for this month’s Federal Reserve interest rate decision. There is both excellent support for Gold at $1,900 as well as market resistance at the $1,950 per ounce level.

Last week, we saw a cooling U.S. consumer spending number for May and mixed employment numbers. The ADP private sector reported a massive U.S. employment number of 497,000 new jobs in June. The U.S. Department of Labor showed an increase of only 209,000, under expectations and the smallest increase since 2020. The U.S. unemployment number has dropped to 3.6%.

The next Federal Reserve Open Market Committee two-day meeting is scheduled for July 25-26. It is expected that the Fed will raise the Fed Fund rate by 1/4 %. If they don’t increase the Fed Funds rate or increase it by 1/2 %, it will have a direct effect on financial markets and precious metals values.

Today: Gold is trading in a narrow range between $1,913 and $1,924 per ounce today. A stronger U.S. Dollar and higher interest rates are putting pressure on the Gold price, but demand remains solid.

Silver showed better demand and price support than Gold last week, closing last week above the key $23 per ounce level. On Friday, Silver closed at $23.10 per ounce, up $0.34 for the week. Staying above the $23 support level would be helpful as Silver builds a base for the next leg higher. The Silver-to-Gold ratio remains at the attractive 83-to-1 level.

A combination of increased world mint production and a normal summer slump in demand have caused premiums on many of the popular Silver coins to drop. The premium on the very popular U.S. Silver Eagle is now under $8 per ounce.

Today: Silver briefly broke below the $23 level, but rallied back in late European trading. Silver has traded between $22.71 and $23.13 as demand continues to increase.

I’m proud to provide the July 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 July 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 July 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.

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