Precious Metals Update 7/26/2024

Buy on the dip rules again!

Bullion.Directory precious metals analysis 26 July, 2024
By Ira Bershatsky
Managing Member at Advisor Metals

Yesterday, gold dropped $62.20 an ounce and silver dropped $1.35 an ounce. As of this writing, gold has bounced back over $30 per ounce and has rebounded above its 50-day moving average and continues to be well above its 200-day moving average.

Both averages are what money managers and professional traders follow.

Silver has not bounced back and is down five cents per ounce this morning and is between its 50-day moving average and its 200-day moving average.

Silver has always been more volatile and speculative than gold. I believe silver will resume its uptrend and for those who are silver bulls this may be an opportunity to initiate a position or add to a current position.

The decline in the metals yesterday was precipitated by a stronger than expected second quarter GDP number and a stronger than expected durable goods number for June.

This morning the Personal Consumption Expenditures (PCE) number for June showed a .1% increase and a year-over-year increase of 2.5% getting closer to the Fed’s 2% inflation target.

The PCE is the Fed’s favorite inflation gauge. These numbers buoyed gold.

Ira Bershatsky

Ira Bershatsky is founder and Managing Member at Advisor Metals, a boutique Gold IRA Specialist, uniquely qualified in the industry and focused on extraordinary customer care without high cost premiums.

Enjoying 44 years in the business, Ira is the only person in the physical precious metals industry with a Commodities Futures Trading Commission (CFTC) Federal registration, meaning that as an advisor, everything Ira says to his clients is factual and fully transparent, without the typical sales pitch or all too common hype.

This article was originally published here

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