Gold & Silver Moving Higher - Proof Gold & Silver Eagle Update

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	Silver Rallies As Dollar Dives After Fed’s Comments
	Silver is currently trying to settle above the 20 EMA at $25.60 while the U.S. dollar is losing ground against a broad basket of currencies. . . . Vladimir Zernov
	Gold Hits Near Two-Week Peak After Powell Douses Rate Hike Prospects
	Gold prices rose more than 1% to a near two-week high on Thursday after U.S. Federal Reserve Chairman Jerome Powell reassured investors . . . . Brijesh Patel
	The Last Time Bond Yields Were This Negative Gold Price Was At $2,000
	The gold market can only ignore falling bond yields for so long. It could be only a matter of time before gold prices turn back towards $1,900 . . . . Neils Christensen
	What To Expect From Silver With Fed Interest Rate Decision In Focus
	Silver price is range-bound ahead of Fed meeting later in the week. It remains below the crucial level of 25.50 while getting a boost from the declining Treasury yields . . . . Faith Maina
	Gold Is Sideways At $1790/oz - $1810/oz
	Gold has been sideways at the zone $1790/oz - $1810/oz for 2 weeks . . . . Thang Le
	Goldman Sachs Forecast Gold Rebounding Sharply Towards $2000
	Analysts at Goldman Sachs expect commodities to "rebound sharply" . . . . Dhwani Mehta

Last Thursday, we saw a $24 increase in the Gold price after the U.S. Federal Reserve gave a policy statement. Chairman Jerome Powell said the Delta variant may weigh on a recovery in the labor market and that the central bank was still a “ways away” from considering raising interest rates. This news caused the U.S. Dollar Index to drop below 92, and the 10-Year Treasury interest rate to reach a five-month low of 1.18%.

Despite the price of Gold increasing $40 per ounce in the month of July, I feel it was a very disappointing month for Gold. Gold traded between $1,765 and $1,835 during July, and in the face of lower interest rates, lower U.S. Dollar and strong inflation news could not move above $1,835. Gold closed last Friday, at $1,812.60 per ounce, up $11 for the week.

Today: The U.S. Dollar started to move higher in early European trading putting pressure on the Gold price. However, when the U.S. markets opened and the U.S. manufacturing PMI report for July showed the lowest reading since January, Gold moved higher as the dollar sold off.

Silver broke down last week and quickly recovered on heavy buying. Silver reached a low of $24.50 on Tuesday, then hit a high of $25.87 on Thursday’s strong inflation news. Silver closed the week at $25.53, up $0.31 for the week. Tuesday’s trading was definitely a test of price support and showed strong demand. Strong inflation indicators should be bullish for the price of Silver. The Silver-to-Gold ratio dropped slightly, now at 70.95-to-1.

Today: The 10-Year Treasury rate us at a 6-month low of 1.16% this morning, helping Silver stay above the $25.50 per ounce level. Demand for the many popular Silver investment products is remaining strong as we see fresh buying.

The U.S. Mint sold out of the new Proof Gold Eagle Type 2 Design last week and the West Point Silver Eagle Proof Type 2 Design two weeks ago. However, we have successfully been able to purchase a limited allocation of each of these coins to offer only to our clients once received. Just please note that in order to get the Silver Eagle Proofs at our wholesale prices, we will be offering them for sale with the purchase of another coin like the new Proof Gold Eagle or other items on our website. Given the limited allocation and that the Mint still hasn’t shipped all the coins, we still need to verify condition with the grading services.

For this reason, if you haven’t already, please email [email protected] with any requests you have including type of coin, grading service, grade, and anything you want on the label (Example First Strike, Early Release, or First Day of Issue). Thank you.

I attended the Dallas PNG50 coin convention last week. The amount of certified, investment quality, U.S. Silver and Gold rare coins from 1934 and earlier at the show was very disappointing. Many of the dealers came to the show looking to fill want lists, so demand was heavy. What is surprising to me is that we are in the summer, traditionally a slow time for numismatics, but the demand hasn’t weakened.