Gold and silver prices sunk lower yesterday, but it wasn't all bad news on the marketplace. It was really a good day on Wall Street. The Dow closed at three-week highs, and there were some positive earnings reports and hope of breakthrough on the tenuous trade talks between the United States and China. Of course, a good day on Wall Street often means a slower day for metals investors.
And while it may have been a rough day for bullion portfolios, which saw gold fall from $1,496 to about $1,484 per ounce while silver fell from a trading high of $17.78 to about $17.50. Still, for those who are looking to break into bullion investing, the cooler metals results for the day made entry-level gold and silver trading a little more affordable. Collectors who wish to break into investing will find intriguing opportunities by purchasing pre-1933 $20 double eagles, which can be bought for slim margins over spot. Meanwhile, buying low-grade Morgan and Peace silver dollars represent a great way to acquire silver at relatively low prices.
It's earnings time for many businesses, so we may continue to see much positivity on Wall Street. Unless an unfortunate event hits that causes investors to clamor in droves to safe-haven investments like gold and silver, precious metals prices could see some more starts and stops going into the rest of the year. But if you already own silver or gold and want more positive figures for your precious metals portfolio, don't let softer results get you down. Buy low now, so you've got plenty to sell when prices are high again later... And "later" may come sooner than we realize.