Gold and Silver Unable to stay above Resistance Levels

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:

Gold and Silver: Setting Up for a Sleeper Breakout

Silver to Climb 11% In Next Three Months - German-Based Research Firm

Countries Around the World Have Begun Pulling Their Gold from US Vaults

Texas Bullion Depository is Officially Open

5 Reasons the Drop in Gold Prices Shouldn’t Worry Investors

 

This Week’s Headlines:

Gold
Silver
Recommended Investment Commitment and Diversification

 

GOLD

Gold reached a high of $1,309 and a low of $1,273, a $36 range, last week. Last Tuesday, Gold rose above the key $1,300 resistance level. On Wednesday and Thursday, fresh buying and short-covering drove the Gold price up to $1,310 per ounce. Then on Friday, while the equity markets were dropping and the U.S. Dollar Index was rallying, Gold broke below the key $1,300 per ounce level on news of the Chinese retaliating our President’s recent sanctions. Friday’s break below $1,300 caused short sellers to become aggressive, driving the price down to a low of $1,274 per ounce. Gold closed last Friday at $1,275, down $24 for the week.

On Friday, the U.S. Dollar Index closed at 94.54, the highest it’s been this year, and a real negative for Gold being priced in U.S. Dollars. Since the drop in the Gold price happened on Friday, it’s important to see how Asian, Middle Eastern and European precious metal markets reacted. Gold should find price support around the $1,280 per ounce level. The summer months have traditionally represented an excellent time to add to your precious metal holdings. I wouldn’t be surprised to see Gold stay in its recent trading range of $1,280 to $1,320 until August, assuming no extraordinary events.

Today: This morning bargain buyers jumped into Gold in Asia, Europe and in American markets and firmed up demand at an attractive $1,278 per ounce price. Gold should consolidate for a short term of time in the $1,280 to $1,300 per ounce in the face of a higher U.S. Dollar Index.

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SILVER

Silver followed the Gold price up and down last week, reaching a high of $17.32 and a low of $16.43 per ounce. Silver closed last Friday at $16.45, down $0.26 for the week. Trading volume on Friday for the July COMEX contract was 164,216 contracts (821 million ounces). Silver suffered the same fate as Gold, breaking above $17 and then dropping below, as professional traders short sold the market, driving the price down to $16.43 per ounce.

Today: Silver found support this morning around the $16.40 level. Buyers took the price above $16.50 quickly, reaching a high of $16.68 per ounce.

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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.

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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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