Gold & Silver Reach Major Long-Term Support Levels

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	Estimating The True Size Of China’s Gold Reserves
	For decades, the People's Republic of China has been secretive about the size of its gold reserves. . . .Jan Nieuwenhuijs
	Gold Steady As U.S. Rate Hike Fears Persist
	Gold prices were little changed on Thursday as traders waited for U.S. growth data for more clues on the pace of Federal Reserve rates hikes, with a stronger dollar capping further advances in bullion. . . . Arundhati Sarkar
	Gold, Silver, and Monetary Stability
	An almost-forgotten 19th century episode shows that international cooperation can be essential for a stable global monetary system . . . .Johannes Wiegand
	Silver Continues to Struggle
	Silver markets had tried to form a bottom for a while over the last couple of sessions . . . . Christopher Lewis
	Chinese Gold Imports Hit Highest Level Since 2018
	China imported 1,343 tons of gold in 2022, the highest import level since 2018. Total gold imports for the year were up 64% over 2021. . . .SchiffGold

During last week, a number of bullish U.S. economic indicators were released. The most important one was the core personal consumption expenditures (PCE) price index, which was released on Friday. The PCE jumped 0.6% in January, which was up 4.7% from January 2022. Wall Street had been expecting respective readings of 0.5% and 4.4%. The Dollar index moved higher on this announcement and Gold dropped to a weekly low of $1,809.20 on Friday, down $31 for the week.

With many inflationary indicators being released during February, many financial market analysts have become bearish on precious metals. The thinking is that with inflation running at a higher rate than the Federal Reserve targets, they will continue to raise interest rates. Right now, the expectation is that the Federal Reserve will increase the Fed Funds rate by ¼ %, in March, May and again in June. This expectation will put pressure on the Gold price and $1,800 per ounce will be tested soon. As weaker inflationary numbers are released in March and April, I expect to see precious metal prices move higher.

Today: This morning Gold bottomed out before the U.S. Commerce Department released the January durable goods data, showing a drop of 4.5% from December’s numbers. This was the first disinflationary news we have seen in a while; Gold was trading at $1,807 and then quickly rallied to $1,821 after the announcement, but couldn’t hold the rally.

Silver was slammed last week, dropping below the key $21 per ounce support level. On Friday Silver reached a low of $20.60 before closing at $20.70 per ounce, down $0.92 for the week.
In the coming weeks, Silver could test its long-term $20 support level, before we see weaker inflationary indicators. Last week, the Silver-to-Gold ratio moved over 87-to-1.

Today: Silver rallied with Gold on the durable goods data news, but saw a lot of resistance as it approached the key $21 level. It’s important to see Silver back above $21 per ounce soon, to restore trader’s bullish mindset.

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