Gold & Silver tests support level – Rare Coin market hot

Next Weekly Market Report will be Sept. 5th

Starting Wednesday, I’ll be out of the country on vacation for the remainder of the month. The office will be open. My son David and our staff will continue our normal business of buying, selling, and filling orders. The Weekly Market Reports will resume on Sept 5th.

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

“Inflate or Die,” Peak Silver and Gold’s Coming Breakout

Gold Outperforming Stocks YTD as Dollar has 5th Monthly Decline

Gold Demand Trends Q2 & H1 2017

PRECIOUS-Gold at 7-Week High After Tepid U.S. Economic Data

This Week’s Headlines:

Gold
Silver
Rare Coin Report
I’m honored to become President of the PNG
Recommended Investment Commitment and Diversification

GOLD

Last Friday, as Gold approached its recent high of $1,280 per ounce some news overshadowed the rally. On Friday, it was announced that the U.S. employment rate was up, gaining 209,000 new jobs in July, and then fresh buying hit the equity markets because the Dow Jones Industrial Average Index was trading above 22,000. Both of these issues, plus the U.S. Dollar Index rallying back above 93, caused the Gold price to immediately drop $15 per ounce, to $1,258. Just before the end of trading Friday, a number of professional commodity traders were buying to cover short sales from Tuesday when Gold reached $1,280.

I continue to believe Gold will trade between $1,250 and $1,280 per ounce in August, 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: Gold is trading in a very narrow $4 high/low range today, between $1,259 and $1,255 per ounce. After Friday’s $12 per ounce drop, the Gold market is building up support above the $1,250 level.

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SILVER

Silver broke below the key $16.50 per ounce support level on Friday, reaching a low of $16.17. This was caused by the same news that drove down Gold. At that point, bargain buyers appeared and the Silver price moved up, closing at $16.25 per ounce. Silver badly needs to move back above $16.50, or it will surely test the $16 support level. Precious metal trading during July and August is showing that Silver has far more volatility than Gold, but Gold is setting the direction of the move.

The Gold/Silver ratio has increased to 77.78-to-1.

Today: Silver reached a low of $16.11 per ounce this morning before bargain buyers got aggressive and took the price back to $16.25 per ounce.

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Rare Coin Report

Last week, I attended the largest rare coin convention of the year. The American Numismatic Association hosted the World’s Fair of Money in Denver, Colorado. This convention had over one thousand rare coin dealers and tens of thousands of collectors and investors in attendance. The rare coin market is definitely active with sizeable fresh buying of investment quality U.S. Gold and Silver rare coins. I look forward to a great fall and winter market.

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I’m honored to become President of the PNG

At the American Numismatic Convention in Denver last week, the newly elected board of the Professional Numismatists Guild (PNG) met and elected me to a two-year term as President of the PNG. The PNG is the largest association of Numismatic Dealers in the world. The PNG has a strict Code of Ethics, standards and bylaws, and all new members must be approved by the membership. After being elected, I discussed my future plans for the Guild with the board and received strong support from them.

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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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