GOLD & SILVER REACTING TO A HIGH OIL PRICE

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	Perth Mint Gold Sales Skyrocket 131% In February Silver Sales Rise 11.7%
	The Perth Mint saw sales of its gold products more than doubled in February from the previous month, while silver sales rose nearly 12%, the refiner announced on Thursday. . . . Ernest Hoffman
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	Silver reached a record high this year, breaching the psychologically important US$100 level for the first time, fueled mainly by rising investor interest. . . . SilverInstitute.org
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	China’s January Net Gold Imports Via Hong Kong Rose Almost 69%
	China’s net Gold imports via Hong Kong in January rose by 68.7% from December, Hong Kong Census and Statistics Department data showed on Friday. . . . Reuters
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	Two things have kept our glass-half-full view of stocks in check of late. . . . Kevin Gardiner, Victor Balfour, Anthony Adrahamian

Gold showed excellent support for the $5,000 level last week during commodity exchange trading around the world. Gold rallied on Friday to the high of the week because of a weak U.S. jobs report. February’s job numbers came in much worse than expected. The U.S. lost 92,000 jobs last month, per the Bureau of Labor Statistics report. Gold continues to see strong demand from investors turning to safe-haven investments because of the U.S.-Israel-Iran war.

Over the weekend, the price of oil moved over $100 a barrel on Iranian concerns. Gold initially dropped on this news, reaching a low of $5,013 before rallying back.

(Another test of the key $5,000 support level)

The big question is:
If a high oil price drives up inflation, what will the Federal Reserve do at the next meeting?

Today: Oil prices climbed around 30% this morning, due to fears of worsening inflation, which may necessitate keeping interest rates elevated. High interest rates are considered bearish for precious metals because they make them less attractive investments in comparison to other assets.

For most of today’s trading, Gold has been between $5,060 and $5,095 per ounce.

Silver closed at $83.26 per ounce last Friday, down $10.56 for the week. Over the weekend, Silver briefly broke below $80 per ounce due to the high oil price. Silver rallied back above $82 on solid buying in China and India.

I expect to see all precious metal prices to be highly volatile for a while, as this war develops and the oil price rallies.

Today: For most of today’s trading, Silver has been between $82 and $84 per ounce.

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Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
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