gold-coins-chart

Week in Review 8/8 – 8/12

Scott Hage MBE Report

Silver: Silver started the week Aug 8 at $19.64 per ounce then rising as high as $20.10 midweek before settling for the weekend at $19.72 per ounce. YTD silver is $6 per ounce higher an increase of 30%.  The US Mint is reporting sales of nearly 28 million American Silver Eagle Coins to date (27,945,500), and are projecting 45 million coins sold for the year 2016. Other mints and refineries worldwide are also reporting strong sales YTD. The gold silver ratio is currently 67:1 making silver a real great buy. Silver needs to stay above $20 per ounce support should be $19.25 per ounce.

Gold: Gold gained very little ground this week beginning $1333 per ounce before finishing the week at $1337 per ounce. The YTD picture still remains strong for gold showing a 20% increase from the low of     $1074 back in January. That is a whopping increase of $263 per ounce year to date! Investors in England are not big fans of the Bank of England’s interest rate cut. Investors there already on edge after the BREXIT vote are putting their money where they know it will be safe – GOLD! The Royal Mint`s Bullion Trading Division is reporting gold bullion coin sales up 50% from the previous reporting period. Key numbers to watch next week for gold $1375 resistance with support at $1320

Platinum: Platinum ended the week on its ear losing $28 per ounce for the week to finish Friday at $1122 per ounce.  A midweek rally saw platinum prices rise to $1176 but lost momentum by weeks end. YTD platinum is up 27% after the low back on Jan 21 of $818.5 per ounce. Platinum is still $215 per ounce less than gold per ounce and when you look at the 30 year track record between platinum and gold, platinum prices have been higher the majority of the time.

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