Gold & Silver Test Support Levels – 2023 Morgan/Peace Dollar Update

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	Gold Weaker As Fed's Powell Maintains Hawkish Tone
	Gold prices are modestly down and silver prices are solidly lower in midday U.S. trading Wednesday.... Jim Wyckoff
	Gold Revaluation & The Hidden Motive Behind Central Banks’ Gold Buying
	It’s no secret that central banks around the world are buying up gold... Rick Mills
	Gold Mining Output To Hit New Record In 2023
	Gold mining output worldwide will grow to a new all-time record in 2023, say leading analysts.... Goldbug
	Gold, Silver, Platinum – Gold Climbs Back Above $1950 As Dollar Tests Multi-Week Lows
	U.S. dollar’s pullback provided material support to precious metals markets.... Vladimir Zernov
	5 Reasons Gold And Silver Will Soar
	Under a certain market environment, precious metals are considered must-haves in a modern investment portfolio. . . . Rick Mills

Federal Reserve Chairman Powell testified to Congress last week. During his presentation, he indicated that the Fed is likely to raise the Fed Fund’s rate at least one time or more during the balance of 2023. He also made it clear that controlling inflation “has a long way to go”. Both these issues put pressure on the precious metal markets, driving down the price of Gold and Silver.

It was reported last week that the Chinese economy is slowing and their recovery is losing momentum. Plus, the British and Swiss central banks increased their interest rates.

Last week, the above news negatively affected demand on precious metals and we saw a sell-off, which drove the Gold price down to $1,916 before seeing bargain buying. Gold closed the week at $1,921 per ounce, down $41 for the week.

Today: This morning Gold reached a high of $1,934 on a weaker dollar and geopolitical uncertainty. While global markets remain relatively calm, developments in Russia have the potential to attract haven investors into Gold.

With Gold selling off $41, the pressure was on Silver all week. Silver had its worst week of 2023, falling $1.77 per ounce, closing the week at $22.30. The Gold-to-Silver ratio zoomed to over 86-to-1. There will be some important economic indicators being released this week, which could help the Silver price.

Today: Silver bounced back this morning, reaching a high of $22.98 on bargain buying due to a weaker dollar and geopolitical concerns.

The U.S. Mint will be releasing the highly anticipated 2023 Set of 6 Morgan and Peace Dollars – 2 coins in July, 2 coins in August, and the last 2 coins we estimate around November/December (U.S. Mint hasn’t confirmed the exact date yet). Later today, we are emailing our clients more information about how best you will be able to purchase 2023 Peace and Morgan Silver Dollars at our wholesale price.

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