Gold & Silver Holding Above Support Levels As Other Financials Suffer

CLICK HERE FOR NEW Morgan Silver Dollars

CLICK HERE FOR NEW Peace Silver Dollars

CLICK HERE FOR NEW $20 Gold Saint Gaudens

	The Fed Will Get More Hawkish, But Cannot Cool Inflation
	The Federal Reserve is expected to turn more hawkish. Markets are pricing in a 75 bps increase at the next FOMC meeting, as opposed to a 50 bps rise . . . .Rob McEwen
	Federal Reserve Raises Key Interest Rate 0.75% As It Tries To Calm Inflation
	The Federal Reserve said on Wednesday that it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the fiercest surge in U.S. inflation in four decades . . . . Irina Ivanova
	David Einhorn Makes The Case For Gold
	The annual Sohn conference didn't get much attention on Friday because it was virtual and because of the wild moves in markets but there was some good content . . . . Adam Button
	Gold’s Gain Capped by Steep Fed Rate Hike Expectations
	Gold futures are steady but lower on Tuesday as the rally in the dollar took a breather, and Treasury yields dipped . . . . James Hyerczyk
	Inflation Hits 40-Year High As CPI Rises 8.6% In May
	U.S. consumer prices accelerated in May at the fastest rate since 1981 . . . . Alexandra Semenova

Last week we saw many downward corrections in major Financial Markets. The Equity, Bond, and many commodity markets were all lower. Bitcoin dropped 30% in just one week. The Gold price dropped less than 2%, as it closed on Friday at $1,838 per ounce, down $34 for the week. Gold is proving that it really is the ultimate safe haven investment.

What is causing this downward move in Financial markets? It is a combination of major events. The Federal Reserve raised its Fed Funds rate by 0.75% and the U.S. Dollar and 1-Year Treasury is trading at 20-Year highs. Then you have a runaway inflation rate, currently at 8.6% and heading for 10% next month.

Today: As many of the financial markets moved higher today, Gold found good support at the $1,834 level and reached a high of $1,846 per ounce. During the long Holiday weekend, Gold traded in a narrow range around the $1,840 level. I’m seeing demand for many of the popular Gold bullion coins pickup as many Bitcoin buyers switch back to Gold.

Silver also dropped last week with Gold, losing less than 2% and closing the week at $21.55, down $0.36 per ounce for the week. The key $21 per ounce support level was tested and held three times last week. The Silver-to-Gold ratio remains at the unbelievable level of 86-to-1.

Today: During the long weekend, Silver attempted to break the key $22 per ounce resistance level but was unable. Right now it appears that Silver is trading in a $21.50 to $22 range as it waits for direction from Gold.