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Chinese Gold Demand Returns to Growth as Appetite for Jewelry Soars

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Precious Metals Dealers See Gold Hitting $1,460 By Year-End: Survey

 

This Week’s Headlines:

Gold
Precious Metal Dealers make year-end predictions
Silver
Recommended investment commitment and diversification

 

GOLD

Congressman Devin Nunes (Chairman of the House Intelligence Committee) released a highly divisive memo last Friday. This Republican memo, which is disputed by Democrats, alleges wrongdoing and political bias by the FBI. The controversial release of the once-classified memo about the Russia investigation gave investors pause. Turmoil in Washington could be bad for business. It could create a logjam in Congress.

Last Friday, with interest rates and the U.S. Dollar rising, the financial markets started to react negatively, and the Nunes memo gave the markets the momentum to drive the Dow Jones down 665 points and caused Gold to drop $10 per ounce.

Gold closed last week at $1,335 per ounce, down $16.50 for the week, but still up $29 since the beginning of 2018. Gold is now trading at the lower end of the $1,330 to $1,350 per ounce recent trading range.

What’s next for the Gold price? After the recent rally and brief sell off, I would expect to see more consolidation in the $1,330 to $1,350 price level.

Today: Gold briefly moved below the key $1,330 support price, then quickly rallied $5 per ounce in the face of a higher U.S. Dollar. Gold reached a high today of $1,339.

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Precious Metal Dealers make year-end predictions

Gold is projected to go up to at least $1,460 an ounce by the end of the year, while Silver is estimated to hit $20 and Platinum to reach $1,150, said members of the Professional Numismatists Guild’s (PNG) Accredited Precious Metals Dealer (APMD) program, comprised of 50 of our nation’s largest Precious Metal Dealers.

"A majority of the respondents, who are on the front lines of buying and selling physical precious metal coins and ingots with the public, have slightly revised their estimates upward," APMD/PNG President Barry Stuppler said in a press release. Get more details about this prediction at: Precious Metals Dealers See Gold Hitting $1,460 By Year-End: Survey.

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SILVER

Last Monday through Thursday, Silver traded between $17.04 to $17.47 per ounce, above the important $17 support level. On Friday, when all the financial markets sold off, Silver got slammed, reaching a low of $16.52, before major buying stepped in. Silver closed the week at $16.67 per ounce, down an incredible $0.73 for the week.

Silver started the year at $17.06, and has closed below the $17 support/resistance level five times this year. Considering Gold is up $31 this year, it’s disappointing to see Silver down $0.39 per ounce during the same period. The Silver/Gold ratio is now over 80-to-1, the highest its been since April of 2016. Silver is an outstanding value at the current Silver/Gold ratio, and when Gold breaks above $1,400, I believe that the ratio should drop below 75-to-1.

Today: After reaching a low of $16.52 last Friday, Silver is holding above $16.70 today. Silver found bargain buying in Asian markets this morning.

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Recommended Investment Commitment and Diversification:

Precious Metal commitment: Minimum of 30% of investment capital

Diversification:  Gold 55%, Silver 35%, Platinum & Palladium 10%

Diversification includes 50% in long term investment quality rare coins and 50% short term bullion products.

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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.

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