Gold & Silver testing support – Excellent buying opportunity

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

China’s net-gold imports via Hong Kong more than doubles in March

Silver price to rise in 2017 on renewed investor interest

French relief triggers sharp losses in Gold prices, North Korea still in focus

Hedge funds jump on Gold for life raft as Dollar ship sinks

U.S. Government can keep 1933 $20s

This Week’s Headlines:

Gold
Silver
Rare Coin report
Recommended investment commitment and diversification

GOLD

Last Friday, Gold closed at $1,266 per ounce, down $23 per ounce from the 2017 high of $1,289 reached on April 21. The slide in the Gold price started on Monday, after Marine Le Pen, leader of the National Front, came in second in the French runoff. She had campaigned on a promise to ditch the Euro and pull France out of the European Union. If France did drop the Euro and replace it with the French Franc, that would be very bullish for Gold. With Le Pen coming in second and being a clear underdog for the final election, it wasn’t surprising to see lower Gold and Silver prices and a higher Euro last week.

This slide in the Gold price gives our clients an excellent opportunity to add to their holdings at an attractive price. Gold is on a bullish track and I believe we will see it break above the $1,300 per ounce level very soon, especially if something happens with North Korea. The Gold price reached $1,289 on April 21 (within $11 of the magic $1,300 level) before the surprising French election results. Now, after today’s correction to a low of $1,254 per ounce, Gold is still up $106 since the start of the year. I believe Gold will move back to its bullish track later this week.

Today: Gold broke out of its recent $1,260/$1,270 per ounce trading range. Unfortunately, the break out was to the downside. It appears Gold will hit its $1,250 per ounce major support level sometime this week before turning around. Gold should receive sizeable buying from the upcoming key festival in India.

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SILVER

Last week Silver closed at $17.20 per ounce, down $0.65 on very heavy trading volume. Silver pretty much mirrored Gold as it declined after the French election news. But on Wednesday when Silver broke below the $17.50 per ounce level, it continued downward, reaching a low of $16.76 per ounce today. Silver has a good chance of moving back over its very important $17 per ounce support level later this week.

The Gold/Silver ratio has increased to 73.60-to-1.

Today: Silver moved below the key $17 per ounce support level in New York. At that point some professional traders short sold the active July 2017 futures contract, driving the price down to $16.76 before buyers appeared.

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Rare Coin report

Last week, I attended the April 2017 Central States Numismatic Society convention in Schaumburg, IL. This is one of the major rare coin conventions of 2017, and hundreds of the major rare coin dealers and thousands of collectors and investors attended. As expected, there was very active trading on the bourse floor and at the Auction. I was able to pick up a good number of undervalued $20 Gold Saints and Morgan Silver Dollars. We will be listing many of them on our website this week.

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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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