Gold And Silver Tests Key Support Levels

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	Bullion-Shy Investors Spoil Gold's Consumer Demand Comeback
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	Goldman Sachs Long Gold, Sees Prices Rising To $2,150
	Even after a dismal 2021, Goldman Sachs is not ready to give up on gold as the investment banking giant is raising its price forecast . . . . Neils Christensen
	Gold Holds Near $1840 Ahead Of Key Fed Meeting As Geopolitical Worries Rise
	As geopolitical concerns mount about a potential Russian military incursion into Ukraine . . . . Joel Frank
	Russia May Allow Crypto Mining And Gold-Backed Stablecoins
	Russia can legalize cryptocurrency mining and stablecoins backed by gold under government control . . . . Lubomir Tassev
	Oklahoma To Consider Holding Gold And Silver Removing Income Taxes
	An Oklahoma state representative introduced legislation today that would enable the State Treasurer to protect Sooner State funds from inflation and financial risk by holding physical gold and silver . . . . Money Metals News Service

Last week wasn’t pretty as the precious metal markets reacted to both negative signals from Federal Reserve Chairman Powell and a strong U.S. Dollar Index, which reached a 1 ½ year high of 97.40. Powell’s statement about a Double Tightening refers to a monetary policy where the balance sheet run-off occurs at the same time as hiking interest rates. This was very negative for precious metals. The Gold price, which reached a high of $1,854 on Tuesday, dropped $69 per ounce in three sessions, closing Friday at $1,785.

To say that last week was surprising and highly disappointing is an understatement. I believed Gold had a small chance of briefly testing the $1,800 per ounce support level, but I didn’t believe it would close below $1,800, but it has. For the past three months, Gold, for the most part, has traded between $1,750 and $1,850 per ounce building an extraordinary base for the next attempt to break above $2,000. My current advice is to take advantage of the current sell-off and add to your precious metal holdings.

Today: The U.S. Dollar Index sold off to under 97 today, as Gold briefly moved above the key $1,800 per ounce level this morning. Gold is currently trading slightly lower than $1,800 as trading volume picks up.

Last week, Silver made a 180-degree reversal by dropping from $24.30 to $22.30 per ounce. Plus, the Silver-to-Gold ratio moved from 74.50-to-1 to an unbelievable 80-to-1. $22 has shown to be an important support level for Silver. All of this is happening as physical demand for many of the newly minted 2022 Silver bullion coins are showing excellent sales.

Today: Silver moved higher with Gold this morning, as it is currently trading in the $22.50 level. After last week's sell-off, Silver is showing increased demand while it consolidates right off the lows.

Demand continues to be strong for many of the popular PCGS/NGC certified Silver and Gold investment quality rare coins. Recent auctions have shown record prices for Gold Saint Gaudens and Morgan Silver Dollars. At the same time, dealer inventories at the recent FUN rare coin convention in Florida were reported to be very low.