GOLD & SILVER STARTING 2024 SLOW – 2024 COINSTATS
| Stuppler & Company is proud to provide our clients this Weekly Market Report (WMR). The report gives you my overview of the prior week’s precious metal and rare coin market activity and news. In each WMR, I share the current status of Gold and Silver along with their support and resistance levels. |
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This Week's Headlines: |
The first week of 2024 saw strong economic news with a higher U.S. Dollar and an increase in interest rates. It was also reported last Friday that the December jobs report showed employers added 216,000 new jobs, easily beating the 170,000 that was forecasted. Many financial analysts feel that bullish economic news and data will cause a delay in the Federal Reserve lowering the Fed Funds interest rates.
Gold ended the week at $2,041 per ounce, down $21 for the week. Gold continues to show great consolidation above the key $2,000 level. Of the last 28 trading day, Gold has closed above $2,000 per ounce for 25 of them. Moving back above the $2,050 level is important for the short-term direction of the Gold price, but staying above the $2,000 level is very important to the Long-term direction of the Gold price.
Based upon many factors, including geopolitical and economic issues, I believe 2024 will be a breakout year for Gold. My prediction for 2024 is that Gold will trade between $2,000 and $2,400 per ounce. With two wars, a change in Federal Reserve policies and an election coming in 2024, Gold should see a lot of price volatility. I expect to see demand for physical Gold investment coins pick up and premiums should increase.
Today: Gold reached a low of $2,020 in early trading based on continued concerns about delaying the timeline of the expected interest rates cuts by the Federal Reserve. Gold rallied back to $2,032 on strong bargain buying demand as the markets rolled out of London into the U.S. Traders are looking for direction from the December U.S. inflation report due out this Tuesday.
Silver closed last Friday at $23.20, down $0.60 for the week. Silver reached a low of $22.75 last Thursday before seeing sizeable bargain buying coming in Asia markets. With the Silver-to-Gold ratio at 88-to-1, I understand why Asians feel Silver is an extraordinary value especially at the current price and low bullion coin and bar premiums.
I expect to see an increase in the price of Silver start slowly in 2024, trading under $25 per ounce. As Gold continues to set one record high after another, and we see interest rates dropping and consumer inflation picking up, Silver will rally. I continue to believe Silver at the current price is an excellent long-term value, but Gold is in the spotlight now.
Today: Silver broke below the $23 level, reaching a low of $22.85 before bouncing back with Gold. Silver is showing excellent demand and has rallied back to the unchanged level despite today’s decline in the Gold price.
I am proud to provide the January 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 January 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 January 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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