GOLD/SILVER STAYING ABOVE KEY SUPPORT LEVELS – OCT. COINSTATS

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	Russia Set To Boost Silver Reserves A Major Precious Metals Strategy Shift
	Russia may be poised to make a notable shift in its precious metal strategy, with silver potentially emerging as a key asset... Willem Middelkoop
	China's Largest Jewelry Market Sees Gold Buying Spree As National Day Holiday Gets Underway
	China's largest gold jewelry manufacturing and trading hub in Shenzhen has seen a consumer spending spree as... Bastille Post Global
	Gold Overtakes Euro To Become Second-Largest Central Bank Reserve Asset
	According to Bank of America, gold has overtaken the euro to become the world’s second-largest central bank reserve asset... Mike Maharrey
	How Can We Account For The Increase In The Price Of Gold?
	The price of gold has doubled since 2019, with a notable acceleration in its increase in 2023. This rise is unexpected, given... Victor Baccarini, Thibauld Christin, Xavier Denis, Gabrielle Labat
	It Could Be Time for Silver to Shine Next to Gold
	Gold prices are up over 27% so far this year. But silver prices have outpaced its precious metal counterpart... Ben Hernandez

Gold started last week at $2,660 and ended the week at $2,653 per ounce, down $7 for the week. Gold is clearly in a consolidation mood, while building an excellent base for a move to $2,700 per ounce later this month.

Two negative factors hit the Gold price last week. The U.S. Dollar Index jumped 2.5%, above 102.50 (that represents $66), plus the September jobs report was released and it overshot expectations, showing the US economy added 254,000 jobs last month against the 150,000 expected. That report caused the unemployment rate to drop down to 4.1%. Gold is showing resilience in the face of these two negative factors, refusing to sell off and remaining in a narrow trading range just below its all-time high.

I continue to receive calls from clients who have purchased Gold from me up to 50 years ago. They all have the same question, “Is It Time to Sell?” My answer is, if your precious metal holdings exceed 40% of your investment holdings (stocks, real estate, savings account, T-Bills, and IRAs), maybe lighten up a little. But over 90% of the callers said, “No”. So, I recommended that unless they had a better use for the money, to keep holding and enjoy the ride.

I believe we will see Gold establish a firm base above the key $2,600 per ounce level at least until mid-October. During that time, Gold could test that base, but I believe it will hold. Then I see a move higher reaching $2,800 or higher before year-end. However, with two wars, lowering of the U.S. interest rates on the way, and increased Central bank demand, and the upcoming election, Gold could hit $2,800 sooner on the way to $3,000 early next year.

Today: This morning, the Gold price moved up, reaching $2,660 per ounce in the middle east on fresh buying as the war continues. As the Gold market moved into London, there were sellers and the price dropped back to $2,637, but rallied to $2,645 as the markets rolled into the U.S.

With Gold down just $7 last week, Silver rallied and was up $0.61 per ounce, closing at $32.12 per ounce on Friday. Last week’s increase in the Silver price is a sign of what is happening in the world precious metal markets. I reported a few weeks ago that we are seeing many Chinese precious metal buyers moving from Gold to Silver. Please read the above article about the Russian Central bank boosting its Silver holdings. Central banks historically only hold three assets, the domestic currency and debt, the U.S. Dollar, and Gold. What the Russian central bank is doing could be an indicator that other central banks are considering Silver. The Silver-to-Gold ratio dropped last week to 82.55-to-1.

Today: Silver followed Gold higher in the Middle East, reaching a high of $32.40 per ounce. Then Silver followed Gold lower in London, dropping back to $31.38 before seeing bargain buying. In the U.S., Silver has traded between $31.50 and $31.80 per ounce on average trading volume.

I’m proud to provide the October 2024 version of CoinStats free of charge for our clients. It has been updated with current prices and populations for regular and plus grades. CoinStats for October 2024 features 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 October 2024 version of CoinStats has updated 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 to this email and put in the subject line the series requested.

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