Gold & Silver Saw Some Profit Taking, But The Rally Continues

CLICK HERE FOR NEW Morgan Silver Dollars

CLICK HERE FOR NEW Peace Silver Dollars

CLICK HERE FOR NEW $20 Gold Saint Gaudens

	Silver Rallies as Dollar Declines After Non-Farm Payrolls Report
	Silver is currently trying to settle back above the resistance at $27.75 while the U.S. dollar is under strong pressure against a broad basket of currencies . . . . Vladimir Zernov
	Keep Buying the Dips in Silver
	After many months of underperformance, silver is starting to perk higher . . . . Reuters
	US Mint Delays Silver Shipments Due to “Global Silver Shortage”
	Interest in silver is increasing (both for industrial use and for financial investment), echoing the 2013 crisis . . . . Tyler Durden
	In Gold We Trust Report 2021
	In our view, the inflation pendulum has finally swung back. . . .Incrementum

As the Gold price moved up, from its March 31st, 2021 low of $1,677 per ounce to its June 1st high of $1,919, we saw several corrections. After seeing a two-month rally, Gold saw some major profit taking on a blip up in interest rates, the U.S. Dollar index, and Fed policy concerns. Last Thursday, when Gold broke below the $1,900 level, there was profit taking in late Asian trading, causing the Gold price to drop to $1,855 per ounce. Friday morning, as the Gold market moved into European trading, bargain buyers got aggressive. The Gold price quickly moved up $17 and kept on going as it rolled into the U.S. market. Gold closed on Friday at $1,891 per ounce, down $10 for the week.

Gold owners should understand that Gold’s history has shown us that during a major rally, it will have brief short-lived corrections. Since the May 2nd, 2019 low of $1,265, Gold has had a number of brief profit-taking sell-offs, which represented a great buying opportunity each time. All the indicators continue to point to a higher, record price well above $2,000 per ounce for Gold this year. Continued government stimulus money is the key. Remember, Gold is a world currency and the massive printing of Euros, Yen, Yuan, as well as dollars devalues all the currencies and results in global inflation.

Today: Comments from Treasury Secretary Janet Yellen at the Group of Seven finance ministers meeting in London over the weekend, gave support to the Gold price. Gold traded today in a narrow $10 high/low range between $1,885 and $1,895 per ounce as it builds a base off the recent volatility.

Silver followed Gold's lead last week, reaching a low of $27.09, before seeing massive buying late last Thursday night. Silver rallied to $27.98 in U.S. trading on Friday, then settled back to close at $27.88. $28 is still the key resistance/support level for Silver, and it needs to move back above that level this week.

Today: Silver rallied with Gold, briefly trading above $28 per ounce, reaching $28.03 but saw light profit-taking. Physical demand for the popular Silver investment products remains strong.

If you are a member of the American Numismatic Association (ANA), you will be receiving your election ballot this week. Since I am a past ANA president, I know these candidates, and can provide guidance on the right people to vote for. The ANA needs leadership who will help the ANA to promote numismatics and provide protection from the flood of counterfeit coins and massive fraud from large tele-marketing companies targeting seniors. Please contact me at [email protected] and I will email you my recommendations.