Tangible Investments

July 27

2015

Weekly Gold Market News

US Mint Resumes Sale Of American Eagle Silver Coins

Los Angeles CA, (Tangible Investments) - by James O'Dell - The Gold price continues to hover above 5-1/2-year lows in early trading on Monday, as the yellow metal gained 0.28 percent to $1,103.40 an ounce, at the time of this writing, on bargain hunting and short selling after rebounding $9.50 or 0.87 percent on Friday to finish the week at $1,100.30 an ounce. The price of Silver is up 0.14 percent to $14.72 an ounce, after adding $0.01 to end the week at $14.70 an ounce, while the Gold/Silver ratio rose to 74.85.

The week began with the Gold price sliding $45.55 on high volume to $1,088.05 an ounce, shortly after the open of the Shanghai Gold Exchange (SGE) on Monday, when a massive number of lots were traded on a key contract, compared to less than 27,000 lots traded on Friday. Average volume for July had averaged fewer than 30,000 lots until Monday.

Chinese investors were seen as the most likely sellers of the Gold said analysts who speculate that at least one major fund saw a thin market with Japanese markets closed and pushed the Gold price through support, having already sold Gold short.

“Summer is often a seasonally weak period for Gold and Gold stocks, with things turning back up in mid-August,” said Adrian Day, of Adrian Day Asset Management. Louis James of Casey Research says that sharp losses across the metals complex “belies the rosy picture of economic recovery driving the markets. And that makes a sharp reversal [in Gold] a distinct possibility.” James cautions that while the price of Gold will likely remain volatile in the shorter term, “I see the current meltdown as a buying opportunity.”

In the meantime, the U.S. Mint announced last week that it would resume sales of its popular American Silver Eagle coins on an allocated basis, starting July 27. The mint has been sold out of its American Eagle Silver coins since July 7 after Silver prices dipped under $15 an ounce, which created “significant demand” for the popular coins.

According to sales data, more than 2.7 million Silver coins have been sold so far in July, well ahead of the 1.98 million coins sold in July 2014. For the year, more than 24.5 million Silver coins have been sold, according to the mint. The mint also shows strong demand for Gold bullion coins, with sales of its American Eagle Gold Coin hitting 101,000 ounces so far this month. Last year the mint sold 30,000 ounces of Gold for the entire month of July. The U.S. Mint has sold 374,000 ounces of Gold in various denominations, so far this year.

The World Gold Council (WGC) said last week that the Gold price already reflects a rate hike later this year. "…as we see it, higher interest rates will not improve fixed-income’s prospects as a way to balance tail risks," said the WGC. "At current yield levels, bonds are likely to have limited upside and, in our view, would therefore be less effective than Gold in mitigating equity risk. We believe that this will help Gold demand because some investors will use Gold to complement bonds in managing equity risk and diversifying their portfolios."

It's important to protect your hard earned wealth during these times of economic and geopolitical uncertainty, and at Tangible Investments, it doesn't matter whether you're new to precious metals or a seasoned veteran, you will always be dealing with top industry experts.

Take a moment and browse our vast selection of valuable collectibles, then call Toll Free 1.800.741.5014 today and let the helpful staff at Tangible Investments assist you in your next purchase or sale. Tangible Investments is the leading buyer of rare, Gold and Silver coins, art, antiques, diamonds, sterling and flatware. We also loan against anything of value and offer more money at half the loan cost.

Latest Spot Prices

METALBIDASKCHG$CHG%
Gold1091.701092.40$4.100.37%
Silver14.5614.60$0.261.75%
Platinum967.50970.50$17.501.77%
Palladium604.80607.80$6.701.09%

Other News This Week

Gold Lower As Greek Banking Stocks Tank

Los Angeles CA, August 3 (Tangible Investments) - by James O Dell - Gold and Silver prices are moderately lower in early trading on Monday, with Gold off 0.36 percent to $1,091.90 an ounce after... [Read More]

Gold Price Jumps On Short Covering And Bargain Hunting

Los Angeles CA, July 31 (Tangible Investments) - by James O Dell - The Gold price rallied on short covering and bargain hunting in early trading on Friday, rebounding more than $23.00 off the intraday... [Read More]

Gold Price Is Appealing To Investors

Los Angeles CA, July 30 (Tangible Investments) - by James O Dell - The price of Gold retreated sharply as the dollar rallied in early trading on Thursday, with the yellow metal down 1.45 percent... [Read More]

Improving Demand For Physical Gold Supporting Market

Los Angeles CA, July 29 (Tangible Investments) - by James O Dell - The Gold price is in positive territory in early trading on Wednesday, up 0.08 percent to $1,096.30 an ounce, after gaining $1.20... [Read More]

Gold Steady Ahead Of Key Fed Policy Meeting

Los Angeles CA, July 28 (Tangible Investments) - by James O Dell - Gold and Silver prices edged higher in early trading on Tuesday, with Gold adding 0.28 percent to $1,096.50 an ounce, ahead of... [Read More]

About Tangible Investments

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