Gold & Silver Testing Support Before Setting 2023 Highs

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	Silver Bulls Attack $23.00 With Eyes On YTD High
	Silver price remains firmer at the highest level since early February, after rising the most in a week the previous day, as bulls take a breather around $23.00 during early Thursday. . . .Anil Panchal
	Gold Rises Above $2,000 For First Time In A Year On Haven Demand
	Gold steadied, after rising above $2,000 an ounce for the first time in a year after a deal to buy Credit Suisse Group AG failed to . . . .Bloomberg News
	The Fed Is Broke
	Gundlach Likes Gold, Fears "Expanding Wars" . . . . Tyler Durden
	UBS Buys Credit Suisse For $3.2 Billion As Regulators Look To Shore Up The Global Banking System
	UBS Chairman Colm Kelleher shakes hands with Credit Suisse chairman Axel Lehmann after a press conference following talks over Credit Suisse in Bern on March 19, 2023. . . . Unkown
	Gold Rises On Banking Crisis
	Gold rises on banking crisis, rallying early Friday, heading for its biggest weekly rally since November . . . . Unknown

The financial markets reacted to comments made on Wednesday during Fed Chairmen Powell’s press conference positively. Analysts believe that yesterday’s ¼ point increase will probably be the last increase and feel strongly that by August interest rates will be heading lower. Gold rallied and reached a high of $2,008 per ounce during trading last week, but has not closed over $2,000 yet. On Friday, we saw a little profit taking near the close, and Gold closed at $1,982, up $10 for the week.

Bank liquidity problems continues to be the focus of many of the world’s largest central banks.
In the U.S., our Federal Reserve has increased liquidity through quantitative easing measures. When it purchases trillions of dollars of Treasuries, mortgage-backed securities, or corporate bonds, the Fed drives down long-term interest rates by raising asset prices, or the value of the leftover securities it did not purchase.

Today: A combination of a stronger U.S. Dollar and short-term profit taking on Asian markets has put Gold on the decline today. Gold briefly broke below the key $1,950 support level, reaching a low of $1,943 before rallying back. Central Banks throughout the world have been aggressively adding liquidity in their bank systems, which is highly bullish for Gold in the long term.

Silver broke above the key $23 per ounce resistance level, reaching a high of $23.40 on excellent trading volume. As Gold moves to the $2,000 resistance level, Silver should be able to break above $24 per ounce. The Silver-to-Gold ratio dropped on Friday to 85-to-1.

Today: Like Gold, Silver also briefly broke below its key support level this morning and rallied back. Right now, $23 per ounce is an important level for Silver to maintain a bullish outlook.