Gold & Silver Continue To Test Key Support Levels

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	UAE Cashes In Russian Gold Sanctions
	The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia’s more traditional export routes, Russian customs records show. . . .Peter Hobson
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	Silver could hit $30 per ounce highs over the next six months to a year, with imminent support seen from buyers eyeing value in the metal after its sharpest price slide in a month since February, Citigroup says.... Barani Krishnan
	In God We Trust Report 2023
	The balancing act of fighting inflation without triggering distortions on the markets is doomed to failure. The vehemence of the tightening cycle that has begun threatens to end the Everything Bubble in an Everything Crash. . . .Peter Stöferle & Mark J. Valek
	Americans View Gold As A Better Investment Than Stocks For The First Time Since 2013
	More Americans view gold as a better long-term investment than stocks for the first time since 2013, according to a recent survey from Gallup. . . . Matthew Fox
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	Gold investors running for the door on the likelihood of a U.S. debt ceiling deal being struck by the weekend should. . . . Barani Krishnan

Last week and over the long holiday weekend, concerns about the negotiations over the debt ceiling problem dominated the direction of precious metal price trading. On Friday, Gold reached a low of $1,934 before seeing bargain buying and professional short-covering, which resulted in Gold closing at $1,943 on Friday.

Other factors that have recently caused the downward direction of precious metal prices is both the U.S. Dollar and U.S. interest rates, which are trading at a 2-month high. The U.S. Dollar has reached over 104, and U.S. 10-Year Treasuries have hit 3.754%.

On Sunday, President Biden and Speaker McCarthy reached a compromise on the debt ceiling and the markets reacted. The only question is if the mainstream democrat and republican party members of congress will accept it.

Right now, the Gold price is trading in a tentative area. It’s below the important $1,950 per ounce support level and above the key $1,900 long-term resistance level. I would like to see Gold quickly move back above $1,950 this coming week. However, there is always the possibility that Gold will re-test $1,900.

Today: After reaching a low of $1,931 per ounce in late Asian and early European markets, the buyers came back. A slight break in the U.S. Dollar and Interest rates help fresh buying and Gold quickly moved back above the key $1,950 per ounce level.

During last week the Silver price reacted more negatively than Gold, reaching a low of $22.75 on Friday, well below the important $23 support level. Silver did rally back on Friday in heavy buying, closing at $23.35, still down $0.70 for the week. Silver has dropped over $2 during the month of May and is currently at a bargain level.

Today: After testing support at the $23 per ounce level, Silver moved higher with Gold in most of the world’s largest commodity markets. Silver reached a high of $23.42 before seeing some light selling.

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