Gold & Silver Make New 2022 Lows - Bitcoin Sell-Off Continues

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	Gold Keeps Its Shine for Investors
	The resilience of gold offers yet more evidence to support its role as a component in portfolio asset allocation . . . . Ranjeetha Pakiam
	Major Crypto Broker Suspends All Trading, Deposits And Withdrawals
	Digital asset brokerage Voyager Digital is pausing all customer temporarily suspending customer trading, deposits, and withdrawals . . . . MacKenzie Sigalos
	Gold Has Been Incredibly Boring To Own
	I haven’t covered the perennial disappointment that is gold for a while, and I felt it is overdue some attention . . . . Dominic Frisby
	Goldman Sachs Raises Gold Target Yet Again To $2500/Oz
	Goldman Sachs has recently raised its year-end 2022, gold price target to $2500/oz, signaling a strong 2022 after gold prices ended 2021 down approximately 4% . . . . Hedge Think
	G-7 To Ban Russian Gold Imports
	President Biden and several of his counterparts in the Group of Seven nations on Sunday announced . . . . Matt Viser, Loveday Morris, Rick Noack

Last week was truly terrible for Gold investors, with Gold hitting a low of $1,783.40 per ounce. Gold did quickly rally back above the key $1,800 level on heavy volume before the close of the market. Gold rallied back on Friday, closing at $1,802 per ounce, down $28 for the week.

Last week, all of the Financial markets were reacting to concerns over the coming batch of June's higher inflation rates from the world’s leading economic countries. Equities, bonds, and precious metal prices moved lower while Bitcoin set a new 2022 low.

Another contributing factor to lower prices for American precious metal owners was the value of the U.S. Dollar continuing to trade near 20-Year highs.

Today: Weak economic and strong inflation news from Europe has caused the Euro to decline and the U.S. Dollar to rally. The U.S. Dollar Index reached a 20-Year high this morning of 106.78, which has caused Gold and Silver prices to drop. Strong inflationary trends in Great Britain is causing the Euro to drop, getting close to parity with the U.S. Dollar. Gold reached a low of $1,764 before finding support.

Last weeks big news of the G-7 countries (U.S., France, U.K., Canada, Germany, Italy, and Japan) banning the sale of $19 billion worth of Russian Gold is a major source of conversation within the Gold bullion community. Many of the world’s largest mints normally source Gold directly or indirectly from Great Britain. This ban is going to have a serious effect on many of the popular Gold bullion coins minted by the world’s leading mints. In conversations with some of the leading mints last week, they are concerned about possible supply chain problems. The possibility of lowering mintages and distributor allocations for many of the popular Gold bullion is very probable. Lower supplies of popular Gold bullion coins will definitely result in higher premiums.

As the value of the most popular crypto currencies continue to set new lows, liquidity is becoming a more serious issue. At the beginning of 2022 the value of Bitcoin was $41,958, while Gold was trading at $1,800 per ounce. Now six month later, Bitcoin closed at $19,219 (a 54% decline), while Gold is unchanged. While losing 54% on your investment is bad, what is worse is not being able to sell.

Crypto asset brokerage, Voyager Digital is suspending all customer trading and withdrawals of $137 million in Crypto assets. The news comes a few days after one of Voyager’s customers failed to make payments on a loan worth hundreds of millions of dollars, fueling growing concerns of an insolvency contagion effect across the industry. Last Monday, the broker issued a notice that prominent crypto hedge fund, Three Arrows Capital (3AC), had defaulted on a loan worth more than $670 million. At the time, Voyager said that it intended to pursue recovery from 3AC, and in the interim, said it would continue to operate and fulfill customer orders and withdrawals, but it didn’t happen.

In the year 2000, I had a few of my larger Gold/Silver buyers ask me about switching to Bitcoin, so I did my research and began to believe that Bitcoin is the 21st Century version of Tulip Mania (see https://en.wikipedia.org/wiki/Tulip_mania). So, I strongly recommend selling any holdings of crypto currency and put it back into Gold/Silver at the current low prices.

Over the long Holiday weekend, Silver traded above and below the key $20 per ounce major support level. Last Friday, Silver reached a low of $19.29 before rallying back to close at $19.62 per ounce, down $1.45 per ounce. This was the lowest price Silver has traded at since August of 2020 close. The Silver-to-Gold ratio closed last week at the unbelievable level of 91-to-1.

Today: The Silver price fell with Gold to reach a low of $19.09 before finding serious bargain buying. With concerns about a coming recession, many commodities are selling off today. Energy leads those commodities lower and Silver, Platinum, and Palladium are following.