Gold Testing The $1,400 Per Ounce Support Level, Silver Sells Off

	China's Splurge On Gold Adds Intriguing Twist To Trade War
	There are some interesting aspects to the surge in the gold price to its highest level in nearly six years, not the least of which is that China . . . . Stephen Bartholomeusz (Read More)

Back to top of report

CLICK HERE FOR NEW Morgan Silver Dollars

CLICK HERE FOR NEW Peace Silver Dollars

CLICK HERE FOR NEW $20 Gold Saint Gaudens

Back to top of report

Gold reached a new six year high of $1,439 per ounce last Tuesday after breaking above the key $1,400 resistance level on June 21st. What is important about this move is that it happened with the highest trading volume (63,513,300 ounce) I have seen in over 3 years. Having trading volume that high confirms that central banks, mutual and hedge fund manager are aggressively buying Gold.

Gold closed Friday up $13 for the week, and $103 for the month. After last month’s $103 increase, the Gold price needed to build a new base. Consolidating Gold’s recent gains is very important to sustain the long-term rally. Gold needed to test its support at the $1,400 level and it did twice, last Wednesday and Thursday, and both times it quickly moved back above $1,400. I expect to see one more test of that key support level this week, and if it holds, we should be off to $1,450 per ounce.

Last weekend, we had the G-20 meeting, with Trump agreeing with Chinese president Xi to put a pause in tariff escalations. He also spoke with Russian president Putin and visited North Korea to meet with Kim Jong Un. What does this mean to the financial and precious metal markets? We will find out today.

Today: Trumps agreement with the Chinese over the weekend, reaching a truce on the current trade war and agreeing to restart negotiations, has caused Gold to drop below the important $1,400 per ounce level. Gold did reach a low of $1,384 before rallying $10 per ounce.

Back to top of report

While Gold closed above $1,400 per ounce on five trading days last week, Silver could not move back above $15.50 any day last week. Silver continues to disappoint, as the Silver-to-Gold ratio moves to an extraordinary 92.15-to-1. Silver closed Friday at $15.34 per ounce, up $0.05 for the week. If Gold moves below $1,400 this week, Silver could test the important $15 per ounce support level.

Today: Silver has moved lower with Gold this morning. Silver reached a low of $15.08 before finding buyers and short-covering. Silver is stays stuck in a $15 to $15.50 trading range until Gold breaks out.

Back to top of report

Back to top of report

REMEMBER THE BLOG

If you want to be updated on what is happening in the Gold, Silver, and Rare Coin markets any weekday, our company offers a daily blog Monday through Friday at www.stupplerblog.com

All statements, opinions, pricing, and ideas herein are believed to be reliable, truthful and accurate to the best of the 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.

Back to top of report