Gold/Silver Rally Continues--In Denver at rare coin convention

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

Gold: It’s Time!

Gold is Still the “Star of the Commodity Universe”

China H1 2017 Silver Imports Climb to Highest Level in Nearly Seven Years

Silver is About to Test the Recent Positive Sentiment

Turkey is Buying Gold Like There’s No Tomorrow

This Week’s Headlines:

Gold
Silver
Rare Coin report
Recommended Investment Commitment and Diversification

GOLD

Another great week for Gold investors as the price stayed above the key $1,250 per ounce support/resistance level. After testing the $1,200 support level on July 10 (when Gold hit a low of $1,204) Gold has gradually moved higher. On Friday Gold closed at $1,268.40, up $64 from the July 10 low, and $116.70 (10%) higher since the beginning of 2017. Much of the July Gold rally was caused by a weak U.S. Dollar, lower interest rates, and the SPDR withdrawals (see below).

An interesting bullish Gold trend became very clear to many professional commodity traders last week. The Gold holdings of SPDR Gold Shares ETF (GLD), the world’s largest Gold ETF, are dropping as investors and central banks are taking physical delivery. SPDR had 867 tonnes in its depositories in mid-June, and last Thursday they announced it had dropped 71.57 tonnes in the past five weeks. That caused the Gold price to immediately increase $15. If this trend continues, it could be a major bullish factor for Gold.

In August, I see Gold trading in the $1,250 to $1,280 per ounce range, building a firm base for the next move to the $1,300 per ounce resistance level. I still believe we will see $1,400 before year end, but there are lots of geopolitical and monetary issues that could cause it to happen earlier.

Today: As the U.S. Dollar Index continues to fall (93.19), Gold is holding well above the $1,265 price level. The next short-term resistance level for Gold is $1,280 per ounce, which it should cross later this week.

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SILVER

Silver had a very difficult time staying above the key $16.50 per ounce support level last week and closed below that level twice, reaching a low of $16.23 on Tuesday. However, Silver managed to move higher by Friday, closing at $16.69 per ounce, up $0.24 for the week. Hopefully, Silver will continue to stay above the $16.50 level in August, and trade in a $16.50 to $17.00 range while consolidating the July rally.

The Gold/Silver ratio has decreased to 75.97-to-1.

Today: Silver continued to move higher, reaching a high of $16.91 per ounce, but quickly sold off down to a $16.80 to $16.85 trading range. A little consolidation couldn’t hurt in this price range.

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Rare Coin report

I am currently in Denver at the largest rare coin convention of the year. The American Numismatic Association is hosting the World’s Fair of Money in Denver, Colorado. This convention has over one thousand rare coin dealers and tens of thousands of collectors/investors in attendance. My son David and I will be at booth #269. If you are in the area, please stop by and say “hi” and spend some time enjoying all of the interesting numismatic exhibits. I am updating our company’s master Want List and plan on being an aggressive buyer for investment quality U.S. Gold and Silver rarities.

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Recommended Investment Commitment and Diversification:

Precious Metal commitment: Minimum of 30% of investment capital

Diversification:  Gold 50%, Silver 40%, 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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