Gold & Silver Make New 2023 Highs On Heavy Trading Volume

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	Gold Firms After Rate Hike Fed Signal On Pause In Increases
	Gold firmed on Wednesday after a brief jump to nearly 1% as the U.S. Federal Reserve . . . .Rohit
	How Does Gold Perform With Inflation, Stagflation And Recession?
	Gold prices soared in the 1970s era of inflation, but the root causes of inflation are different today. . . . Jim Iuorio
	Worldwide Total Silver Demand Hits Record High in 2022
	All major silver groups recorded high demand in 2022, contributing to a new total global record of 1.242 billion ounces. . . . The Silver Institute
	Gold, Silver Rally On Safe-Haven Demand As U.S. Banking Sector Spooked
	Gold and silver prices are solidly higher on safe-haven buying interest as. . . . Jim Wyckoff
	Here’s The Key Level That Silver Needs To Break
	After surging in 2020, silver has struggled to continue its price momentum. . . . Jesse Colombo
	Could The Debt Ceiling Drama Uplift Gold?
	While the 2011 analog paints an optimistic portrait for gold . . . . Sébastien Bischeri

Last week was a crazy week for Gold traders. Gold started the week at $1,992 and then reached a high of $2,075 and closed the week at $2,017 per ounce. Last Wednesday
was an exciting day with Gold trading around $2,018 per ounce until Federal Reserve Chairman Powell gave a news conference. During that conference, Powell announced that the Fed Funds rate is increasing ¼% but has no plans for further increases. After the news conference, Gold quickly moved to $2,050 per ounce as financial markets digested that information. After the U.S. markets closed, Gold moved to $2,075 as Asia opened but ended the day at $2,043 per ounce on Thursday. Gold reached an all-time high on March 8th 2022 of $2,078 and we are close to that level now. On Friday, Gold saw some short-term profit taking, closing at $2,017 per ounce on light volume, up $27 for the week.

All the bullish Gold fundamentals continue to look good as Gold moves higher with physical demand increasing. In 2023, many central banks around the globe are continuing to set new record highs for physical demand. China alone purchased 8 tons of Gold in April, with total stockpiles now sitting at about 2,076 tons. China increased reserves by 120 tons in the five months through March. Meanwhile, China ended April with foreign currency reserves of US$3.2048 trillion, up by US$20.9 billion from the month before.

Other bullish Gold fundamentals are inflation, a lower U.S. Dollar, a growing national debt, banking problems, and shortages in physical Gold investment products. Gold should be testing all-time highs within the next couple weeks, if not sooner, based on U.S. economic indicators.

Today: The Gold price is firming up today, trading between $2,018 and $2,030 per ounce as it gets ready for the next move higher. The U.S. Dollar and Interest rates are staying in a tight range, giving no direction to the financial markets.

Last Thursday, Silver set a record 2023 high of $26.16 per ounce before closing Friday at $25.70, up $0.70 for the week. A move back above $26 and trading between $26 and $26.50 would be a great way to build a firm base. As Gold approaches a new record high, it would be of great help to increase Silver’s physical demand. As Silver moves up faster than Gold, the Silver-to-Gold ratio continues to drop, now at 78.5-to-1 on Friday, still a great value.

Today: Silver showed excellent support at $25.50 in Asian and European trading. Silver has traded between $25.50 and $25.80 as it waits for the next attempt to break the key $26 per ounce resistance level.

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