Gold And Silver Struggle To Stay Above Key Support Levels

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	Gold, Silver Sharply Up On Safe-Haven Buying, Inflation Worries
	Gold and silver prices are are sharply higher in midday U.S. trading Thursday, as safe-haven demand . . . . Jim Wyckoff
	The $140 Billion Question: Can Russia Sell Its Huge Gold Pile?
	Russia spent years building a giant stash of gold, an asset that central banks can turn to during a crisis . . . . Eddie Spence
	Russians Buy Up Gold To Salvage Savings After Ruble Collapse
	Russians are buying more gold to protect their savings after Vladimir Putin’s invasion of Ukraine . . . . Bloomberg News
	Gold Eases As U.S. Fed’s Plan To Curb Inflation Lifts Yields
	Gold prices fell on Tuesday, pressured by the US Federal Reserve head’s hawkish approach to tackling inflation . . . . Reuters
	Gold’s Storied History
	Gold has been used by humanity for thousands of years as a form of money . . . . ETF Trends
	Bretton Woods III
	We are witnessing the birth of Bretton Woods III – a new world (monetary) order centered around commodity-based currencies . . . . Zoltan Pozsar , Credit Suisse Economics

Back at the beginning of March, the interest rate on the 10-Year U.S. Treasury Bill was 1.75%. On Friday, the U.S. 10-Year Treasury bill interest rate traded at 2.50%, up an incredible 0.75% in just 3 weeks, and trading at a 3-Year high. If someone would have told me the interest rate on 10-YR Treasuries would be up 0.75% in three weeks, I would have thought the Gold price would be under $1,800 per ounce. But, Gold is up over $50 since the start of March. Gold’s reaction to higher rates only reinforces the fact that runaway inflation, currency depreciation, a roaring commodity market, and worldwide demand for a safe haven during times of uncertainty outweighs higher interest rates.

Gold closed last Friday at $1,954 per ounce, up $25 for the week and up $54 for the month. During the month of March, Gold reached an all-time high of $2,075, which I believe will be surpassed soon. The next rally above the key $2,000 per ounce resistance level should be the third and last breakout, as it makes its way to $2,300 by year-end.

As the war between Russia and Ukraine continues and governmental and public companies sanction and withdraw from Russia, prices for many commodities are moving higher. The outlook for inflation in the near term and long-range is much higher, and all precious metals are seeing a major resurgence in demand.

Today: Gold broke down below the key $1,950 level in early Asian trading, reaching a low of $1,925 per ounce before seeing bargain buying. A rally in the U.S. Dollar Index (reaching 99.37) and a drop in crude oil prices helped lead Gold prices lower.

Silver closed last Friday at $25.54 per ounce, up $0.48 for the week, and up $1.18 for the month of March. The $25 per ounce level has shown to be a very important barrier for Silver to breach. Since the beginning of the year, Silver has moved above and below the $25 level, as it tries to build a firm base to the $30 level by year-end. The Silver to Gold ratio has moved down to 75.70-to-1, showing the strong demand for Silver.

Today: Silver briefly broke below the key $25 per ounce level, reaching $24.83 before quickly rallying back. A $7 drop in the price of crude oil is considered to be anti-inflationary and the Silver market is reacting to the decline in Gold and crude oil.