Gold and Silver Shrug Off Cartel Raid, Power Out a BIG Finish to a HUGE Week With A Big Outside Reversal, Closing Above Crucial Technical Levels.
When We Record This Show Next Week, We’re Likely to See Much Higher Prices…
Doc and Dubin Break it All Down…
Buy 90% Junk Silver at SD Bullion
As Low As $1.99/oz Over Spot!
DOC’S GOLD & SILVER MARKET UPDATE:
After the MASSIVE panic into physical gold across the market in the wake of BREXIT caused wholesalers and Authorized Purchasers to sell out of 2016 Gold Maples and 1 oz Gold RCM Bars, last week, supplies have been replenished and maples as well as 2016 Gold Eagles and Gold Buffalo coins are once again pretty readily available across the market.
The US Mint sold only 250,000 2016 American Silver Eagle coins this holiday shortened week, an astonishingly small number considering the fact that SD Bullion sold over 100,000 Silver Eagles since Monday night alone! Either SD Bullion now accounts for 40% of the market share for Silver Eagles sales, or else the US Mint Authorized Purchasers are still selling coins from their stock-piles built up during Q1 and early Q2 as we have discussed on several recent Metals and Markets shows.
Physical demand at the retail level has been extraordinary in both gold and silver coins at SD Bullion over the past week. SD Bullion recorded all-time record sales for the week, even surpassing the epic demand experienced during Q3 of 2015.
If this type of demand continues (or even accelerates) as the summer progresses once gold heads towards $1500 and silver clears $22 and begins shooting towards $26/oz, it will be interesting to see how long the wholesalers and Authorized Purchasers can keep precious metals and particularly silver bars and coins in inventory when the momentum crowd joins the fun and the market is no longer only die-hard gold and silver bugs.