Gold & Silver Make New Highs Followed By A Sharp Sell-Off

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	Gold Has No Reason To Fear The Fed
	The gold market could see some short-term turbulence as investors might be a little too optimistic when it comes to the Federal Reserve potentially lowering interest rates by the end of the year, according to one market analyst. . . . .Neils Christensen
	Gold's Massive $50 Daily Drop Is Just A 'Speed Bump' In The 2023 Outlook
	The gold market saw significant losses Friday as the precious metal dropped $50 on the day following a shockingly solid employment report out of the U.S. . . .Anna Golubova
	Silver Continues to Find Buyers on Dips
	Silver has initially fallen a bit during the trading session on Wednesday initially, but then turned around to show signs of life again. . . .Christopher Lewis
	Gold Hits More Than 9-Month High After Powell Strikes Dovish Tone
	Gold prices extended gains on Thursday to touch their highest in more than nine months, after the Federal Reserve raised interest rates . . . .Reuters
	Central Banks Bought 1,136 tons of Gold in 2022 as Demand Surged to 11-Year High
	Global central banks purchased 1,136 tons of gold in 2022, driving the demand for the yellow metal to the highest mark since 2011. . . .The Tokenist
	Gold Price Jumps As Fed Chair Powell Talks Disinflation But Warns It's Too Early To Declare Victory
	The gold market is reacting positively to Federal Reserve Chair Jerome Powell saying that the disinflationary process is underway but warned that it is too early to declare victory. . . .Anna Golubova
	Silver Poised To Outperform Gold As Prices Reach 9-Year High
	According to analysts, the cost of silver could reach a 9-year peak of $30 per ounce this year, potentially surpassing the price of gold. . . .Indrajeet Giram

Last Thursday, Gold reached a 10-month high of $1,975 in early US trading. Then, in late U.S. and overseas trading, Gold closed at $1,930. That drop was over concerns by a number of precious metal analysts about a high employment number that would be reported on Friday. On Friday, a January employment increase of 517,000 jobs was reported, resulting in a 53-year low of 3.4% unemployment. Due to the fact that this increase in jobs was much higher than expected, it will keep the Federal Reserve on track to continue increasing interest rates. This caused both Gold and Silver to drop dramatically. Gold closed Friday at $1,866 per ounce, down $53 for the week, and over $100 from Thursday’s high.

January’s high employment numbers resulting in a record low unemployment rate has caused a temporary halt to Gold’s current rally. It was hoped after Wednesday’s 1/4-point increase in the Fed Fund’s rate and Chairman Powell’s dovish comments, that the Federal Reserve’s interest rate increases would slow down. But now analysts are predicting another ½-point increase in March and April.

Gold needs to not break below $1,850 on the correction and move back above $1,900 within the next few weeks to regain its bullish sentiment for traders. Strong demand from central banks and Asian investment firms should help with demand at the current attractive price level.

Today: The stronger U.S. Dollar, sitting above 103.50, and concerns that interest rates will continue to increases have kept Gold prices down. At 11am PT today, Gold is trading at $1,868 per ounce, up $2.

Friday’s decline in the Silver price on January’s employment news was more severe than Gold’s correction. After trading for between $23 and $25 per ounce for over two months, Silver got hit hard on Friday. When Gold broke below the key $1,900 support level, Silver dropped below the important $23 level and kept on going. Silver closed on Friday at $22.35, down an unbelievable $1.20. Like Gold, Silver needs to move back over its key $23.00 per ounce resistance/support level within the next few weeks to regain that current bullish direction. Last week’s sell-off in Silver drove the Silver-to-Gold ratio to 84-to-1.

Today: Silver prices have not broken above $23 as it struggles to recover after last week. At 11am PT today, Silver is trading at $22.22 per ounce, down $0.25.