Gold & Silver prices in a holding pattern awaiting major news

Current Rare Coin Listings Updated

Current listings for Morgan Dollars
https://www.mintstategold.com/silver/us-mint/morgan-silver-dollar.html

Current listings for Peace Dollars
https://www.mintstategold.com/silver/us-mint/peace-silver-dollar.html

Current listings for $20 Gold Saints
https://www.mintstategold.com/gold/us-mint-1/saint-gaudens.html

 

Links to recent informative articles on precious metals and rare coins:

UAE Rolls Back Tax on Gold, Diamonds, Precious Metals

Good as Gold: Turkey Uses Bullion to Stabilize its Economy

Gold to Skyrocket as Italian Rebellion Unfolds

Russia’s Gold Hoard Soars

 

This Week’s Headlines:

Gold
Silver
Recommended investment commitment and diversification

 

GOLD

Most of last week, Gold traded above and below the important $1,300 per ounce support/resistance level. Gold ended last week at $1,295 per ounce, down $8 on normal volume. In the face of improving economic data (3.8% May unemployment rate) and a very strong U.S. Dollar (The Index over 94, highest since 2011), Gold has been surprisingly resilient. Banks, like ICBC Standard Bank and JP Morgan, see the U.S. Dollar weakening. That should result in a higher Gold price.

However, the most important story on the horizon is the upcoming North Korean summit scheduled for June 12th in Singapore. Although our President has downplayed this event, as the first of many future meetings, news coming from the meeting will dominate the financial markets. The first meeting should give us an indicator of the seriousness of North Korea about denuclearization and what China, Japan, and South Korea’s financial & monitoring commitment will be. Or, will they want the U.S. to bear the major part of the costs?

Barring any extraordinary news, as we move into the summer months, I expect to see Gold trade between $1,290 and $1,350 until the U.S. Dollar starts weakening. When the Dollar index breaks below the 92 level, I expect to see Gold start its move upward to the important $1,400 resistance level.

Major buying from Central Banks and Middle Eastern investors (primarily from Iran) will give the Gold market great price support over the summer months. Concerns about a trade war could also increase Gold demand as traders will be watching to see if there are any retaliations from other countries after the President imposed trade sanctions last week.

Today: Gold is trading in a narrow $8 high/low trading range from $1,290 to $1,298 per ounce today. Gold is in a holding pattern as the U.S. Dollar Index trades above and below the 94 level in early trading, and with traders believing the Federal Reserve will raise interest rates again at the June 13th meeting.

Back to top of report

 

SILVER

Silver closed Friday at $16.39, down $0.10 per ounce for the week but down $0.62 from the beginning of 2018. Silver reached $16.58 on Thursday before selling off with Gold in late trading on Friday. A bullish indicator for Silver is the recent sharp increase in demand for physical Silver coming out of the Comex Depository. This week, I expect to see Silver continue to underperform Gold and the Silver/Gold ratio to move higher.

The Silver/Gold ratio moved higher last week to 79.03-to-1 on Friday.

Today: Silver is having a difficult time staying above the important $16.50 per ounce level. There is a sizable amount of bargain buyers in the $16.30 level.

Back to top of report

 

Recommended Investment Commitment and Diversification:

Precious Metal commitment: Minimum of 40% 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.

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

Copyright © 2023 MINTSTATEGOLD.COM. All rights reserved.