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Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
 
Toll Free: 888-419-7136

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Park Avenue has over 30 years experience buying and selling Rare Coin and Precious Metals. We have the knowledge and ability to provide our customers with the best products and services.

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Gold price up as it appears inflation genie out of the bottle

Tuesday, October 26, 2021

Get The Fed (and Gov't) Out of Stocks

Gold last traded at $1,792 an ounce. Silver at $24.08 an ounce.

NEWS SUMMARY: Precious metal prices back-peddled Tuesday amid upbeat economic news and a firmer dollar. U.S. stocks climbed to record levels as major corporations continued to turn in solid quarterly results.

Kitco News--"Gold prices are moderately higher in early U.S. trading Monday, supported by increasing worries about problematic price inflation. More and more economists and veteran market watchers are saying the bout of rising global inflation is something more than just transitory....

It's another big week for U.S. corporate earnings, which have generally been very positive and are helping push the indexes solidly higher from their early October lows. For the moment the upbeat earnings reports are overshadowing worries about 'stagflation,' which means rising prices and stagnant global economic growth. The mainstream media has recently highlighted the shipping bottlenecks, especially on the U.S. west coast.

News reports over the weekend said the Biden Administration may be getting closer to having the Senate votes for a pared down government spending plan.

The key outside markets today see the U.S. dollar index firmer. Crude oil prices are higher and trading around $84.50 a barrel after hitting a seven-year high overnight. Don't be surprised if continually rising energy prices heading into the Northern Hemisphere winter start to sap trader and investor sentiment. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.656%....

Technically, December gold futures bulls have the overall near-term technical advantage as prices are in a four-week-old uptrend on the daily chart. Bulls' next upside price objective is to produce a close above solid resistance at the September high of $1,836.90."

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