HEAVY DEMAND DRIVE GOLD & SILVER TO RECORD LEVELS - April 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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Let’s start this week’s Weekly Market Report with a short history of recent Gold trading.
Gold first broke above $2,000 per ounce in August 2020, then traded between $1,618 and $2,000 until April 2022. Then, Gold didn’t reach $2,000 again until April 2023, then traded between $1,830 and $2,071 until year-end. 2024 started with Gold at $2,071 and stayed between $2,000 and $2,080 until March. Gold exploded higher, above $2,100 per ounce in March 2024 and hasn’t looked back, closing last Friday to $2,330 per ounce. Gold is up $270 (13%) since the beginning of the year and at the highest price it’s ever been.
Gold has definitely been on a tear since the beginning of March, but last Friday’s trading is a strong indicator of the strength of the Gold market. On Friday, it was expected that March’s non-farm workers payroll was going to come in showing an increase of 200,000 new jobs. At 8:30am last Friday, the March non-farm workers payroll numbers were released showing an increase of 300,000 new jobs. This is a key indicator of the Federal Reserve and the feeling was that it will hold up any drop in interest for May/June. Gold initially started dropping, as would be expected, and within the first 15 minutes, Gold dropped $22 to $2,266 per ounce then made a U-Turn. Gold continued moving higher on the highest volume of the week (rare for a Friday) and closed at $2,330 per ounce, up $64 from the day’s low. Apparently, major buyers were looking for an opportunity to buy Gold on Friday and professional traders saw that and jumped in.
I expect to see Gold move higher on the opening in Asia early Monday morning, firming up $2,300 as a resistance and support level. The only question is when will Gold start to see profit-taking?
Gold demand and popularity have been growing since the start of March and the price has been aggressively moving above $2,200. Back in January, my original prediction for the Gold price was $2,400 by year-end. At that time, I felt that Gold would reach that level in September or October, just before the elections and as interest rates continue to drop. After watching many of the fundamental bullish indicators for Gold over the past few months, I’m revising my prediction to $2,600 by year-end.
Today: Overnight Trading was very active in Asian and European markets, Gold traded between $2,318 and $2,345 per ounce. During overnight Asian and European trading and on the U.S. Market trading volume was at record highs, as new buyers and profit-taking gave the Gold price a $27 range.
Silver was definitely the star of the precious metal group last week, closing Friday at $27.50 per ounce, up an unbelievable $2.50 (10%) in just one week. Trading volume in all of the world’s commodity trading markets is setting new highs. Physical demand for many of the popular investment quality Silver coins and bars is moving higher. Many of the bullion dealers who were over-stocked are seeing excellent demand.
Many new precious metals investors realize that Silver moving from $25 to $30 per ounce would be an 20% increase. Gold would need to reach $2,679 to achieve the same 20% increase.
The Silver-to-Gold ratio is dropping and has reached 85-to-1, still an outstanding value.
Today: In early trading Silver tested the $28 per ounce resistance level and saw some light profit taking. However, the low for today was still above the $27 support level, reaching a low of $27.19. Trading volume is also high on many of the world’s commodity markets.
I’m proud to provide the April 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 April 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 offer excellent liquidity.
The April 2024 version of CoinStats has the populations and prices from PCGS for these coins. I have also included information on increases in all PCGS grade populations from issue to issue, as well as 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, contact us.
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If you want to get the update on what’s happening in the Gold, Silver, and rare coin markets any weekday, our company offers a daily blog Monday through Friday at www.stupplerblog.com
