By: Mike Hammer
Lots of news in the gold world today, a mix of “good” and “bad” for gold traders. Turkey continues to wrestle with its troubles; inflation and a sinking local currency continue to boost gold demand there. Yet in the United States, gold sales in the form of low-grade gold coins (aka bullion) remained low.
April sales were down 25% year-to-year, the lowest April sales since 2007. Demand for silver coins rose 10% in April compared to the previous year. Investing wisdom tells us to buy when there’s blood in the streets, and while that’s not exactly the case today there is certainly a lack of interest.
With international gold testing the 1300 USD/oz round-number support level, this seems like a good place to buy a little physical gold if you don’t have any. Because if gold does hold here despite such low investor interest, it’s really gonna go up quick when the market suddenly decides gold is the place to be.
I wouldn’t throw the kitchen sink at it by any means, just a touch to make sure you have some should we wake up to higher prices one day. Today’s featured article gives specifics on recent gold and silver bullion sales in the US, just in case you want more detail.