Gold & Silver Defy Strength of the U.S. Dollar

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	Gold Rises After Fed Strikes Hawkish Tone
	Gold rose Wednesday after the U.S. Federal Reserve held interest rates unchanged but struck a hawkish stance for future policy.... Reuters
	Gold Prices Holding Around $1,950 As Powell Remains Hawkish, But Markets See No More Rate Hikes
	The gold market has given back some of Wednesday's gains and prices are testing initial support around $1,950 an ounce after Federal Reserve Chair Jerome Powell said the Federal Reserve is prepared to hold interest rates at an elevated level for longer than expected to get inflation back down to its 2% level.... Neil Christensen
	Russian Central Bank Boosts Gold Reserves Back To 2023 Highs In August
	The latest data from the International Monetary Fund’s (IMF) International Financial Statistics (IFS) report showed that Russia’s central bank increased their gold reserves in August, and they have now returned to the level they were at the beginning of 2023.... Ernest Hoffman
	Switzerland's Gold Exports Up In August Due To Higher Shipments To India
	Switzerland is the world's biggest bullion refining and transit hub, while China and India are the largest consumer markets with local demand sensitive to high prices and time of the season.... Reuters
	Gold Prices Firm As US Dollar Eases, Fed Meeting Looms
	Gold prices gained on Monday, helped by a slight pullback in the dollar as investors awaited a series of key central bank policy meetings this week... Reuters

On Wednesday, an announcement from Federal Reserve chairman Powell saying interest rates may not be slowing down as originally thought, caused the financial markets to react. Interest rates (highest in 16-years) and the U.S. Dollar Index moved higher, and precious metals moved lower. Gold closed last Friday at $1,924.50 per ounce, up $0.80 on average volume.

What is truly amazing is since August 1st, in the face of a U.S. Dollar Index and interest rates moving higher, Gold has tested the key $1,900 level seven times and rallied back each time.
At that level, demand from Central Banks (led by China) and professional investors load up with Gold bullion bars and coins. U.S. investor demand has lessened recently, causing premiums on many of the popular bullion coins to drop this month.

With 3 months remaining in 2023, I continue to believe that the Gold price will surpass $2,000 by year end. This belief is based on the demand I’m seeing from overseas markets.
The world’s largest central banks are required to hold their domestic currency, Gold and the world’s reference currency (U.S. Dollar). This year was a record year for central bank buying of Gold and if you look at their quarterly reports, they are using mostly U.S. Dollars and keeping their holdings at the minimum.

Today: Both interest rates and the U.S. Dollar Index hit new highs this morning. The 10-Year Treasury yields are trading above 4.50% (16-year High) and the U.S. Dollar Index moved above 106. Both of these and concerns about a U.S. government shutdown this week are putting pressure on Gold and Silver today.

Silver demand and price performance last week was much better than Gold. Silver closed the week at $23.54, up $0.46 per ounce on excellent trading volume. Silver reached a high of $23.75 last week, before seeing some light profit-taking. Silver is seeing increasing demand from Asian markets which get very active when Silver moves closer to the $23 per ounce support level.

Silver ended last Friday’s trading above the key $23 level, closing at $23.08 per ounce. Friday’s rally was very impressive considering the fact that interest rates and the U.S. Dollar index are at record highs. The U.S. Dollar Index continues to trade at 105, while the interest rate on the
10-Year Treasury bills is over 4.32%, a 16-year high.

The Silver-to-Gold ratio has dropped to 81.75-to-1, still an excellent investment time.

Today: Silver led precious metals lower this morning on the interest rate and U.S. Dollar news.
Silver tested its $23 support level in Asian trading and held, rallying $0.20 on bargain buying.

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