Gold & Silver Testing Key Support Levels Again

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After rallying four weeks in a row since reaching the August 9th low of $1,675, Gold saw profit taking last week and closed at $1,788 per ounce, down $41 for the week. What’s frustrating is that Gold has reached the $1,835 break out level six times since July but hasn’t yet made the breakthrough. A stronger U.S. Dollar Index and interest rates last week contributed to the weakness in precious metals. Over the past thirty years, I have found that when I do get frustrated it's when the price finally moves higher.

As we move into the last quarter of 2021, it’s difficult to understand why we haven’t seen Gold breakout with so many positive fundamentals. But, time has taught me to be patient. Because of the extraordinary increase in the U.S. and Global money supply, the Gold price has no direction but to move higher and will increase dramatically very soon.

Today: In early trading in Asia and Europe, a strong U.S. Dollar took the Gold price down to $1,785 per ounce, then came sizeable buying that lifted the price to over $1,795 by the time the U.S. Market opened.

Silver followed Gold lower last week, dropping through the key $24 support level and closing at $23.86 per ounce, down $0.90 for the week. The Gold-To-Silver ratio closed last Friday at 75-to-1, a very attractive level to increase a Silver position. However, I recommend waiting until Silver firmly moves back above the key $24 per ounce support level.

Today: This morning, Silver took its price direction from Gold and reached a low of $23.30 in Asian and early European trading. Silver rallied back with Gold, reaching a high of $23.94 per ounce.

Over the past month, I’ve seen a trend in the U.S. Rare Coin market. Ultra-Rare coins are seeing increased bidding to extraordinary prices. A good example of this phenomenon was a PCGS MS67 1893-S Morgan Dollar with a CAC sticker and Jack Lee Pedigree that sold recently. The coin was truly ugly, but it was the highest PCGS graded coin. It was estimated that the coin could bring $1 million as it was the key date/mint to the Morgan Dollar Set. However, after only a few minutes of bidding, there were five active bidders over $1.5 million, and the Morgan Dollar sold for over $2 million. The key to this ridiculous pricing is that it's a single highest PCGS graded status with a CAC sticker and a well-known pedigree.