Ukraine Sells its Gold Reserves as Silver Finds Excellent Support

GOLD

Why has the price of Gold gone from $1,974 to $1,704 per ounce, a 13.6% decline over the past 3 months? Part of that drop was caused by the U.S. Dollar trading at a 20-year high, but someone has been selling into the European market. It was just reported that the Ukrainian central bank sold over $12 billion of its Gold reserves (20 Metric Tons) since the war started. The World Gold Council reported in January 2022, Ukraine had 27 Metric Tons of Gold in reserves. At 11am PT today, Gold is trading at $1,712 per ounce, up $2 on normal volume.

SILVER

After reaching a $18.09 low last Friday, Silver has found excellent support above $18.50. Plus, Silver has moved above the key $19 level twice this week. At 11am PT today, Silver is down $0.03 per ounce, trading at $18.78 on average volume.