GOLD & SILVER MOVE HIGHER ON IRAN ATTACK

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The first week of February started with Gold at the low of $4,402 per ounce and ended with the Gold price closing on Friday at $5,280, up $210 for the week.

After the massive American - Israeli Iranian attacks, which have prompted unprecedented waves of retaliatory strikes by Iran on over 8 Middle Eastern countries. Our NATO allies are supportive and willing to help with U.S. attacks on Iran.

Now, with the Israel – U.S. attacks on Iran over the weekend, the Gold price rallied over $100, reaching a high of $5,419 on the overseas markets Sunday night.
This is the start of a Middle Eastern war. The U.S. and Israeli attacks, Iran’s retaliation, plus the actions of many military groups like Hezbollah, will probably continue for weeks or more.

This Middle East war will have a dramatic effect on all financial markets, plus precious metals and oil, in the coming months. Iran will probably try to close the Strait of Hormuz, where 60% of the world’s oil travels through. That is likely to be a naval blockade.

This is a developing story, and I will share the effects of it on the precious metal and rare coin markets.

Today: In trading today, Gold reached a high of $5,419 in London trading and sold off as the markets rounded into the U.S. Gold bottomed out in the U.S. at $5,253 before moving back above $5,300 per ounce.

Last week, Silver closed at $93.82 per ounce, up $11.57 per ounce.
After this weekend’s Iranian war started and the retaliatory strikes by Iran, the price of Silver reached $100 per ounce on the opening and then sold off to $93.33 per ounce when China trading opened.

I expect to see all precious metal prices to be highly volatile for a while, as this war develops. I’ll keep you updated.

Today: We had a high/low of $100.13 and $86.45 today, as the Silver price remains highly volatile. Moving back above $90 and staying there for a week would be bullish for the long and short-term Silver price.

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Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
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