Nugget News March

30 Day Market Moves

Silver $31.24 (- 0.53%)

Gold $2812.34 (+ 1.1%)

GOLD STABILITY...A slight uptick in inflation data will pressure the gold market, but it is well supported at the $2,700 level by central bank buying. It is unlikely Fed officials will change their stance, until more data can point to lower interest rates. We are confident that gold will see a record run in the 4th quarter, when rate cuts materialize in both Canada and the US.

- Recent comments from Fed policymakers suggest that the U.S. central bank is in no rush to cut interest rates till later this year.

SILVER PRICE...Silver price has languished despite its persistent structural deficit between silver’s supply versus demand. The metal is increasingly difficult to find and produce, while demand continues to rise. None of this has seemingly been reflected in the price. The "paper" silver markets, where the price is set, have been stuck in a range since early 2020. Supply and demand are economic laws that can only be circumvented for so long. Nevertheless, the law still applies. The forces involved at present point to higher prices for silver.

-Nearly all miners saw margins take a beating in 2023. While costs surged, the average silver price was essentially flat year over year.

GOLD MONEY?... GoldATM a company that recently launched it's first five ATMs in Utah last year, to test the technology and assess interest, in an initiative to make the purchase of gold convenient and accessible to all. The units dispense Goldbacks, which are pure 24-karat gold bills. The bills are flexible and durable, just like cash, and are available through the kiosks for as little as $10.

-After GoldATM’s initial launch in Utah they are expanding quickly to other markets such as Nevada. Response has exceeded expectations thus far.

GOLD LEGO...A Pennsylvania Goodwill recently received an extremely rare LEGO piece that it was able to sell for a small fortune. The store received a donation of a box of jewelry that contained something curious: a gold Bionicle mask from the popular action figure line from the early 2000s. There were 25 that were given away, and five remained for people who actually worked at LEGO "So 23 years later, one of these resurfaces and it’s really unique.”

-The 1-inch-tall 14-karat gold LEGO piece saw bidding start at $3,300. After 48 bids, the gold mask sold for $18,101

NUGGET BOOTH...Join us this weekend in Calgary, as Nugget Stacker is hosting a booth at the 2024 Coin Show & Money Fair. Come by and enter your name, for a chance to Win $100 in Gold.