Gold And Silver Setting 2023 Record Highs

GOLD

Yesterday was an exciting day with Gold trading around $2,018 per ounce until Federal Reserve Chairman Powell gave a news conference. During that conference Powell announced that the Fed Funds rate is increasing ¼ % but has no plans for further increases. After the news conference, Gold moved to $2,050 per ounce as financial markets digested that information. After the U.S. markets closed, Gold moved to $2,075 as Asia opened, but ended the day at $2,043 per ounce. Gold reached on all-time high on March 8th 2022 Gold at $2,078 and we are close. Monday, when Gold firmly broke above $2,000 per ounce, I started the blog stating Gold was off and running. Now we are approaching the first turn of the 2023 Gold rally, which is a firm move above $2,050. At 11am PT today, Gold is trading at $2,051 per ounce, up $21 on excellent volume.

SILVER

Silver followed Gold higher, reaching $25.94 as Gold was approaching $2,075. The Silver price held firmer as Gold moved down to $2,043, holding above $25.70 per ounce. Silver has crossed the $26 per ounce resistance level twice today and is looking good. At 11am PT today, Silver is up $0.65 per ounce, trading at $26.10 on excellent volume.