Gold & Silver moving higher as Demand heats Up

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	India’s Imports Hit A 21-Month High Amid Robust Retail Demand
	Indian official imports hit a 21-month high and the local market premium further strengthened. . . .Mukesh Kumar
	Could Biden's First Major Tax Hike In 30 Years Boost Gold Price?
	U.S. President Joe Biden is reportedly looking to include the first major tax increase since 1993 in his next spending bill. . . . Anna Golubova
	Fed Sees Stronger Economy & Higher Inflation, But No Rate Hikes
	The Federal Reserve sharply ramped up its expectations for economic growth but indicated that there are no interest rate hikes likely through 2023. . . . Jeff Cox
	Poland's Central Bank Wants To Buy 100 Tonnes Of Gold
	Poland’s central bank wants to buy at least 100 tonnes of gold -- worth some $5.5 billion at current prices. . . . Reuters
	Silver Rallied Back Above $26.00 As Soft US Inflation Eases “Overheating” Fears
	Spot silver prices (XAG/USD) have seen upside in recent trade, rallying from around the $25.75 area to current levels around the $26.00 level in wake of a softer than expected US Consumer Price Inflation report for the month of February . . . . Joel Frank
	Gold Price Set To Bounce, The Decline Is Done
	Gold is very likely to bounce because the selloff has been pretty powerful. . . . Dhwani Mehta

Last Wednesday, Federal Reserve Chairman Jerome Powell gave a greatly improved economic forecast. He shared the Federal Reserve monetary policy decision, which indicated that the Fed doesn’t expect to hike interest rates until 2024. This is highly bullish for the Gold price and it quickly rallied $15 per ounce in late trading. Gold reached a monthly high of $1,752 per ounce in late trading last Wednesday. This rally came in spite of a recent high in the 10-Year Treasury rate (1.72%) and the U.S. Dollar Index reaching 92. Gold closed last Friday at $1,740 per ounce, up $20 for the week.

Since reaching a 2021 low of $1,673 per ounce on March 8th, Gold has shown increasing demand while the price moves higher. Clearly Gold has found a base above the key $1,700 per ounce level, and it should break back above $1,750 by month end. Last week, we saw increased heavy buying from Chinese and Indian buyers and it hasn’t been confirmed, but I believe there was buying from a few key central banks.

Today: Gold opened about $5 lower this morning, over concerns of Turkey hiring its central bank governor over the weekend. The headlines resulted in 10-year Treasury yields remaining near the highest level in more than a year, plus the U.S. Dollar Index broke above 92.

Last week, Silver closed above the key $26 per ounce level all five trading days. Silver ended the week at $26.30, up $0.42 for the week. Trading volume in the futures market has weakened, which is not a good short-term indicator, but if Gold breaks $1,750, Silver should rally.

The Silver-to-Gold ratio is staying above 66-to-1, and I’m still recommending increasing your Silver holdings.

Today: Silver followed Gold lower this morning, breaking below the key $26 per ounce level. Silver reached a low of $25.33 before seeing bargain buying, driving the price back up $0.20 per ounce.