Gold & Silver Testing Long Term Support, 2020 Palladium Eagle Update

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	Silver Forecast - Major Buy Signal
	We believe silver prices confirmed a bullish breakout in July 2020. . . AG Thorson
	World May Be Running Out Of Gold With Mine Production In Decline
	While uncertainty created by the global pandemic has sparked a surge in gold buying, analysts are raising concerns. . . Business News
	Gold: Not Done Yet - Not By A Long Shot
	Gold dropped below $1,900 overnight and is headed south as I type. . . Lobo Tiggre
	Russian Banks Gold Reserves Hit Record High
	Russian banks increased their holdings of precious metals by more than a quarter in August . . . The Moscow Times
	How Much Gold Is There Left To Mine In The World?
	The Covid-19 pandemic has increased interest in investing in gold. Last month the price of gold hit. . . .Justin Harper - Business reporter, BBC News
	World’s Biggest Lockdown Chokes Indian Gold Smuggling Routes
	The coronavirus pandemic has crushed the inflow of gold smuggled into the world’s. . . .Swansy Afonso, Bloomberg News

Last Friday, Gold closed at $1,857.70 per ounce, down $92.30 for the week on heavy volume. It was truly an ugly week for Gold investors. Gold broke below the key $1,900 per ounce support level on Wednesday and kept on going until finding support at $1,850. I wasn’t surprised to see Gold test the $1,900 level, but I thought there was enough support to hold above. There was a sizeable amount of short-selling after Gold broke the key $1,900 level. Gold needs to move back above the key $1,900 support level within the next few weeks to keep the long-term rally on schedule.

This dramatic correction in the Gold price was a 1 ½% rally in the U.S. Dollar Index and continued news out of Europe about a second wave of coronavirus lockdowns. Additionally, in congressional testimony last week, Fed Chairman Powell did not provide any indication of more Fed stimulus on the way. This caused a loss of Gold price support.

If you remember most of the August/September Gold rally was accredited to a weaker U.S. dollar, caused by the feeling that European economies were recovering at a faster pace than the U.S. economy. Now, there is hope that both Europe and the U.S. will pass new COVID-19 stimulus aid packages. This will result in higher Gold and Silver prices.

Part of the COVID-19 stimulus legislation was the Payroll Support Program which will expire on October 1st. There is hope that big business can convince (in an election year) the administration and legislators to pass the COVID-19 relief legislation before Oct. 1st., which will extend the Payroll Support Program.

Today: Over the weekend Gold reached a low of $1,848 per ounce in Asian trading before seeing the long overdue rally. As Gold trading rolled into Europe the price of Gold broke above $1,850 and $1,860 with solid demand. By the time Gold trading started in the U.S. we saw a weaker U.S. dollar and Gold moved above $1,870 per ounce.

When Gold dropped below $1,900 per ounce last Monday, the volatility in the Silver market increased dramatically. On Monday, Silver dropped 10% and by Thursday reached a low of $21.75. At that price, there were lots of bargain buyers, driving the price back above $23 per ounce by Friday’s close. Silver closed Friday at $23.02 per ounce, down $4 on heavy volume. The Silver-to-Gold ratio moved higher last week, closing last Friday at 80.82-to-1

Today: As Gold moved into Asian trading, Silver reached a low of $22.48 before rallying with the Gold price. The $23 level is key to Silver support, as the price is currently trading above.

To our surprise, the U.S. Mint sold such a large quantity of the 10,000 2020 1oz Palladium Eagle mintage at $3,000 each, on the first day, that they temporarily had to stop sales.

After Palladium coins were put back up for sale the next day, we were able to purchase a quantity, because the household limit of one was released. This should allow us to offer the coins in PCGS SP70 First Strike, NGC MS70 Early Release, and in the Original Mint Packaging for sale in the next couple of business days.

As of now, it appears that the U.S. Mint is sold out of the coins. However, due to the sellout, it appears the “High Margin Dealers Buying Groups” managed to purchase a large quantity (on the first day) and are now offering this item with special labels for prices ranging from $4,500-$8,000+. What is amazing is that this dealer group was able to buy 7-8,000 coins, one at a time, from the U.S. Mint with different credit cards and addresses in an 8-hour period.

Now that we have purchased our coins, our plan is to price the coins as soon as we can verify a few open concerns with the U.S. Mint. But once that is done, we expect our price to be substantially less than the ridiculous price charged by the special label dealers.

Once we are able to offer these for sale, we will notify everyone that has requested to purchase a coin, via email.

We are proud to offer our valued clients this coin at the best price possible.

All statements, opinions, pricing, and ideas herein are believed to be reliable, truthful and accurate to the best of Stuppler Company’s knowledge at this time. Stuppler & Company disclaims and is not liable for any claims or losses which may be incurred by third parties while relying on information published herein. Individuals should not look at this publication as giving finance or investment advice or information for their individual suitability. All readers are advised to independently verify all representations made herein or by its representatives for your individual suitability before making your investment or collecting decisions.