GOLD & SILVER MOVING HIGHER ON BULLISH ECONOMIC NEWS - July 2024 CoinStats

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	Dollar Falls And Precious Metals Rally On Weak US Economic News
	The Dollar Index today is down by -0.52% at a 2-week low.... Rich Asplund
	Gold Prices Rise To One-Month High After US Jobs Report
	Gold prices extended gains on Friday to their highest level in a month following key U.S. jobs data that showed the labor market was softening.... Brijesh Patel
	The World Is Sitting On A $91 Trillion Problem ‘Hard Choices’ Are Coming
	Governments owe an unprecedented $91 trillion, an amount almost equal to the size of the global economy....Hanna Ziady
	Gold-Buying Frenzy Grips Vietnam And Thailand As Economic Fears Mount
	Anxious consumers in Vietnam and Thailand are rushing to buy gold.... Su-Lin Tan
	UBS Says Silver Prices Should Rise Once Fed Begins Cutting Rates
	Silver prices have struggled due to a strong US dollar and speculative traders reducing their net long positions in the futures market....Vahid Karaahmetovic
	Gold Market Is Building A Staircase To $2,400 And Beyond
	Although the gold market has managed to hold its ground above $2,300 an ounce, it remains trapped below $2,350 an ounce.... Neils Christensen

June saw a good number of bearish economic indicators released, which drove the Gold price down to $2,290 per ounce. During the 1st week of July, these economic indicators turned bullish.

Last week’s data showed U.S. non-farm payrolls fell pretty flat, rising by only 206,000 jobs in June, slightly higher than the 190,000 new jobs forecasted, but the estimated job growth for May was revised down to 218,000 new jobs from 272,000. Additionally, the U.S. interest-rate futures prices reflected continued market confidence in a September rate cut, with the implied probability remaining at about 72%.
The U.S. Dollar has been moving lower, with the index dropping from 106 to below 105 in the past week. These three economic indicators together caused Gold to show a $65 increase in just three trading days last week.

We have seen Gold move toward and briefly break above the key $2,400 per ounce level before. In both April and May 2024, Gold briefly moved above $2,400 per ounce, but sold off in weeks, then traded down to test the $2,300 support level. If we move above the $2,400 level this week, it will be the third and hopefully final attempt.

Last Friday, Gold closed at $2,390 per ounce, up $65 (2.8%) for the week. Trading volume on Friday was 128,382 August 100 oz contracts. That is the highest volume I have seen in the past weeks, surprising, considering this was a holiday weekend.

Today: Gold moved lower this morning, testing the $2,350 support level on investor profit-taking following a rally sparked by the June U.S. jobs report last week. Gold moved to the highest level in more than a month on Friday after the U.S. jobs report showed that the labor market softened last month, solidifying expectations of an upcoming interest rate cut by the Federal Reserve.

Silver followed Gold higher based on the three above mentioned U.S. economic indicators. While Gold was up $65 (2.8%) last week, Silver closed at $31.35 up $2.41 (8.32%), again, on the highest trading volume in weeks. Last week, Silver moved above both the $30 and $31 resistance levels. I expect to see the market test the $31 level, but hold above the $30 per ounce level.

We are seeing demand for popular Silver bullion coins and bars and future contracts.
The Silver-to-Gold Ratio moved to 75.66-to 1 last week, an excellent time to own more Silver.

Today: Silver followed Gold lower this morning on profit-taking, breaking below the $31 per ounce support level, while reaching a low of $30.39 per ounce.

I’m proud to provide the July 2024 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 2024 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 2024 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. 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 in the subject line with the series requested.

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