Friday Brought Us Yet Another Silly Excuse to Sell Gold Based on “Good News”

To speculators and market amateurs, Friday might be termed a “bloodbath” for the metals but that isn’t reality and gold’s short-term drop was just a reaction to sensationalized headlines based on an over-hyped jobs report and profit-taking. Gold has since started to recover this week.

Gold and Silver Still Affected by Profit-taking but Making Steady Upward Progress

As mentioned this past week, silver ran laps around gold and stocks in May and now that we have the complete monthly figures for the month, silver tailed off in the past week but still kept its commanding lead for the month (up nearly 15%) and year-to-date (up 27%).

Silver and Gold Making More Market Moves

Silver rose strongly over the Memorial Day weekend, up nearly $2 per ounce on the futures market, from $30.33 on Friday, May 24 to $32.24 (+6.3%) on Tuesday, May 28.

Gold Sets New High ($2,444) and Silver Reaches 11-Year High at $31.80

– Plus Copper (at $5), All Driving Up the Cost of the Three Olympic Medals 

An important note, is that global gold physically-backed gold exchange-traded funds, or ETFs, saw net inflows of more than $1 billion over the past week, the largest weekly inflow since October 2023, according to the World Gold Council.

Central Banks Continue Their Record Gold Buying Spree

The world’s central banks opened 2024 with the most gold buying in any opening quarter in history!

The Metals Have Two-Month Surge to Remember – Up 22% (Gold) and 35% (Silver)

Gold’s peak intra-day price was $2,429 on April 12 and silver was just shy of $30 per ounce at $29.81 on the same day. At that point, gold had risen 22% in two months from $1,990 on February 14 and silver rose a phenomenal 35% in the same two months.

Wall Street Journal Downplays Gold Boom With Costco Shortfalls

A recent article in The Wall Street Journal (WSJ) reported that buying gold isn’t very advantageous because of claims that it is hard to sell without suffering from “friction” – an ambiguous term possibly tied to the stock market but not associated with the precious metals industry. The article, which focused on the wholesale club Costco and its recent gold-selling boom, failed to give adequate information and guidance to gold investors.

Buy Gold From Us, Not Costco – Here’s Why!

It’s bad enough that the major media keep getting the Costco gold story partly wrong, but they keep calling many of the same shallow sources to misrepresent the many long-time qualified coin and bullion dealers in America, as if we, and other true experts didn’t exist. Dozens of dealers with decades of proven expertise are seldom, if ever, contacted, while those fringe buyers in the New York area keep misrepresenting the bullion market.

Media Coverage of Costco is Shallow and One-Sided

Most likely, when these new Costco gold buyers attempt to sell their gold, they won’t know where to get the best deal. Many will be left seeking out pawn shops, local coin shops or even ads for “gold buyers” in hotel rooms offering as little as 50% or less of the value for rare coins, or a huge spot price reduction of 10% to 20%, or more, per ounce of gold. We buy back gold at a little bit below spot gold prices and even a little bit above spot at times, depending on the product. In fact, we buy back millions of dollars per month in products from our customers.

Gold and Silver Are up 10% to 15% in the Last 12 Trading Days

Gold and Silver have each risen on 11 of the last 12 trading days and silver is up 10 trading days in a row, with gold up nearly 10% in that time and silver up 15% in 10 trading days.