Gold to $1500 By October? – Fund Manager Explains Why
PM Fund Manager Dave Kranzler Joins the Show This Week, Discussing:
- Manipulators Losing Control? Silver’s Up 23% Since June!
- Record Amount of Paper is Being Thrown at Gold and Silver to Keep Them From Going Parabolic!
- Why the Fund Manager Would “Not Be Surprised to See Gold at $1500 By October”
- Buy Any Sell-Off – Kranzler Explains Why It’s Impossible to Time a Manipulated Market
Click Here For Weekly Metals and Markets With PM Fund Manager Dave Kranzler:
DOC’S GOLD & SILVER MARKET UPDATE:
With gold prices easing over the past week, most of the products that had been in tight supply such as 2016 Gold Maples and 1 oz Gold RCM Bars are now readily available. Sales of 2016 Gold Eagles remain strong with 1,100,500 coins sold year to date between the 1 oz, 1/2 oz, 1/4 oz, and 1/10 th oz coins. These numbers do not include Gold Buffalo coins, which add another 120,5000 oz to the US Mint’s sales numbers.
In Silver:
With premiums near half-decade lows on 90% Junk Silver Coins, demand has surged at the retail level. Big money buyers have been scooping up 90% in a big way, as evidenced by a single SD Bullion customer who took down 30 $1,000 face value bags this week.
What the heck is going on with 2016 Silver Eagle sales? The US Mint announced the end of Silver Eagle allocations Monday, meaning Silver Eagle coins could be purchased in any quantity desired by the AP’s for the first time in 13 months.
The Mint is reporting a whopping 1,195,000 Silver Eagle coins sold for the entire month of July to date – with only 500,000 coins sold this week in the first week after silver eagle allocations ended. This brings year to date Silver Eagle coin sales to 27,445,500.
Physical demand at the retail level has been extraordinary in both gold and particularly silver coins at SD Bullion over the past week. SD Bullion is already nearing an all-time record sales month in July, 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.
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