AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
2/8/2002: Gold Over $300 - This Rally Looks Solid
Gold Over $300, Today’s New York Market Close @ $303.70
In the New York trading session gold posted a high of $306.80 and a low of $299.70, before posting a close of $303.70 an ounce. This rally continues to look solid. Today's close above $300 confirms that there is a growing interest in gold both here in the United States and worldwide. This market may consolidate, however, based on the continued steady advance in the gold price - a further surge upward from here seems likely. We’ve cleared the first hurdle at $295 an ounce. The next big hurdle is at $325 - $330.
We’ve been very accurate so far at calling this rally as it developed. It will get trickier from here on out, but as the old trading adage goes
“the trend is your friend.” The trend for gold is higher.How much higher and how fast have yet to be seen. An explosive up move is still entirely possible. Next week will probably be one of the most interesting gold trading markets in months, perhaps years.
Silver moved up 11 cents today to $4.45. Platinum gained also, up $7 at $474.00.
For additional information, please see our web site at www.amergold.com where we have posted several news stories featuring more in-depth gold market information.
We continue to recommend the following conservative gold coins for investment purposes. If you are more speculative, please call 1-800-613-9323 for a personal consultation.
Gold bullion: 1 oz. American Gold Eagles.
No IRS Reporting Requirements
European gold coins: British Sovereign “Kings” Brilliant Uncirculated.
These are the best classic European gold coin for popularity, price, and scarcity.
U.S. classic gold coins: $20 Liberty, in MS62 to MS64 condition; and $20 Saint-Gaudens, in MS63 to MS65.
These gorgeous, historic coins offer complete financial privacy, excellent leverage to the gold price, high collector and investor demand, and are still downright cheap today. Prices are now moving higher with the up move in gold. The big price increase has yet to occur though, so it is still not too late to buy these classic U.S. gold coins near 20-year lows!
Stay tuned, we’ll keep you posted. It has been a long time since it was necessary to send 3 email alerts in one week. Have a nice weekend everyone!
Dana Samuelson Owner
AGE Gold Commentary
Gold is gathering momentum to begin its assault on the previous record high of $1,911 and then push above $2,000 ... read more