Bitcoin Falls as Gold Continues to Climb

Daily Market Report - 06/16/22

GOLD

After yesterday’s 3/4 % jump in the Fed Funds rate, other Central Banks around the world have increased their interest rates. Also, the Dollar and 10-Year Treasuries sold off from their highs. Today, while equity markets and Bitcoin continue to decline, precious metals are on a rally. In the past few months, a good number of major Gold/Silver investors, that sold last year and switched to Bitcoin, are coming back. Gold has reached a high today of $1,854 on fresh buying. At 11am PT today, Gold is up $35 per ounce, trading at $1,850 on excellent demand.

SILVER

Silver followed Gold higher this morning, breaking above the $22 per ounce resistance level. Physical demand for many of the popular Silver investment coins and bars remains very strong. At 11am PT today, Silver is trading at $21.95 per ounce, up $0.60 on good trading volume.