GOLD & SILVER MAKE NEW HIGHS AND SEE PROFIT-TAKING - April 2024 CoinStats

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	Silver Set For Banner Year As Investors Bet On Precious Metals
	Silver crossed $28 per ounce this week and is seen reaching as high as $32 by the end of 2024 amid expectations that interest rates in the US could stay higher for longer.... Emily Jarvie
	China’s Central Bank Continues Gold-Buying Streak For 17th Consecutive Month
	China’s central bank persistently bolstered its gold reserves for the 17th consecutive month in March....Nada Ali
	Where The Gold Buying Is Coming From
	Identifying where the gold buying is coming from is essential as not all buying is equal....Ross Norman
	UBS Predicts Gold To Surge To $2500
	As the price of gold climbed to a new all-time high on Monday....Oliver Haill
	Why Record-Setting Gold Prices Will Fend Off Headwinds And See 30% More Upside, According To Famed Economist David Rosenberg
	While investors have been riding high on a record-breaking stock market, their favorite safe haven has also reached new peaks.... Yuheng Zhan

Last weeks’ precious metal trading was truly extraordinary for Gold and Silver owners. To say the trading was explosive is an understatement, with Gold reaching an all-time high of $2,430 per ounce. During last week, Gold was steadily moving higher, testing $2,400 on Thursday and breaking above it on Friday. The Producer Price Index was released late on Thursday and was the news that helped Gold break above the long-term $2,400 resistance level. . This was the only bullish indicator released last week.

What is amazing about last week’s precious metal rally was that it happened in the face of many negative indicators:

The March Employment numbers were 100,000 more than expected

The March CPI inflation indicator was higher than forecasted

The 10-Year U.S. Treasuries are at the highest interest rate of 2024 at 4.55%

The U.S. Dollar Index reached the highest value this year (Over 106)

The above are all negative indicators for the price of Gold, but Gold continued to move higher on record demand. Last Friday, Gold started trading at $2,370, up $45 for the week, and started moving higher on heavy volume. Gold reached a high of $2,430 per ounce in early U.S. trading. Then profit-taking hit the Gold market and in about 2 hours, the price dropped about $90. This was the largest trading volume (Over 479,000-hundred-ounce contracts) I have seen in years. Gold closed the week at $2,342 per ounce, down $14 for the week.

This week could be very exciting again for the precious metal markets, with increasing demand driven by the geopolitical uncertainty around the world and a possible war between Israel and Iran. Additionally, the Chinese economy is boosting safe haven Gold buying. The Central bank has increased purchases of Gold with their U.S. Dollars, as a hedge against risk.

Today:
Watching precious metal trading in Asia and Europe last night and this morning was very interesting. How they were going to react to Friday’s record price increase in Gold and Silver, plus Iran’s drone and missile attack on Israel could result in an exciting market. Gold opened in Asia last night at $2,363 per ounce, up $19 per ounce, by the time trading reached Europe it dropped to $2,323 per ounce. As the Gold market rolled into the U.S., buyers appeared and the price moved above $2,350 per ounce.

On Friday, the Silver market showed the most volatility I have seen in years. Silver started the day at $27.97 per ounce and reached a remarkable high of $29.83 within hours, when Gold was trading at $2,430, Silver closed the day at $27.90. The trading volume was extremely high, about double what the average has been since the start of this year. Even in the face of such volatility, Silver closed on Friday up $0.47 for the week.

New Silver investors should look at last Friday’s Silver trading which shows how explosive the Silver price can be. The current Silver-to-Gold ratio has dropped to 84-to-1, and still is an outstanding value.

Today: Silver pretty much followed Gold’s direction on overseas and U.S. precious metal markets. Silver reached a high of $28.86, then tested the $28 per ounce support/resistance level. Silver reached a low of $28.06 in Europe and rallied back above $28.50 in U.S. trading.

I’m proud to provide the April 2024 version of CoinStats free of charge for our clients. It has been updated with current prices and populations for regular and plus grades. CoinStats for April 2024 features 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 offer excellent liquidity.

The April 2024 version of CoinStats has the populations and prices from PCGS for these coins. I have also included information on increases in all PCGS grade populations from issue to issue, as well as increases in popular PCGS Registries at the bottom of the Best Value page. 2024 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 to this email and include in the subject line the series requested.

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