Stock Market

The United States Mint was unable to meet surging demand for its gold and silver bullion coins in 2020 and through January, due partly to pandemic-driven demand and plant capacity issues, it said. Sales of US gold bullion coins rose 258% last year while silver coin demand was up 28%, the Mint said on Tuesday.

Heavy buying has continued in 2021, it said, squeezing supplies, which had already been tight as the coronavirus affected production. A social media-driven buying spree lifted silver futures to an eight-year high on Monday, but dealers in the market for coins were already grappling with a supply shortage and shipping delays before that rally.

The gold market has gapped higher to kick off the trading session on Monday, as traders came back in a much better mood in this market. Gold markets have gapped higher to kick off the week on Monday to not only show signs of strength but jump above the 200 day EMA. Because of this, the market is likely to continue trying to find its way to the upside but the 50 day EMA above could offer a little bit of resistance.

Furthermore, the $1875 level is significant resistance, so I think that getting above that area is probably going to be a bit of a challenge. If we can do that, then we are likely to go looking towards the $1900 level, possibly even the $1960 level. Once we clear that area, then gold will go looking towards the highs again. Underneath, I see the $1750 area as massive support, and quite frankly if we were to give that area up, it is very likely that we would see a significant break down in the gold market. At this point, it certainly looks as if it is trying to retain the bullish pressure, so I do not necessarily think that…