Fort Kobbe International Vaults Newsletter

A look at Gold and Silver Charts (02.09.2023)

Its a great time to buy Hedgeye cartoon
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Financial planning

Gold and silver are being purchased in ever increasing amounts by both governments and individuals, despite all the rhetoric and blockades against transportation of the metals by individuals.

German's gold demand in 2022
It is interesting to observe where gold deposits exist and where real production is occurring. ‘Unfriendly’ regions automatically chase development from their shores.
Gold Reserves 2022 and Production

It makes absolutely no sense to me that markets can hold up or increase in value as many market analysts predict, when governments which have the real numbers (not that you necessarily get them) are buying gold hand over fist while manufacturing collapses and earnings in real terms are diminishing.

ISM Manufactoring
The burning question is: Why did gold fall by approximately $100.00 and silver by $2.00 in a short period last week?
We will never know for sure, but here is some conjecture: 
  • FED signaled higher inflation.
  • FED showed the possibility of two more rate increases.
  • FED updated its Dot Plot Projections.The news triggered a rise in the value of the dollar.
  • The 10 year yield increased.
  • Stops at $1,900.00 were triggered creating more selling.
  • The market reacted to the one percent PCE inflation revision.
  • Large shorts in the market had to close their otherwise losing positions and had to push prices down by selling paper in order to cover their potential losses.
  • Silver follows gold or is it vice versa? Who knows any more?
Does the chart below look like normal market activity to you?

To me – in a crash only

2023-02-08 Gold knock down
The silver riggers pulled out all the stops with a 600 Million Ounce Silver Derivative Dump yesterday to stop a small $2 rise in price.”
TodayLast Week
Gold Price$1,880.00$1,954.00
Silver Price$22.37$24.40
Gold: Silver Ratio84.05:180.06:1
Gold Miners Bullish Percent Index48.2855.17
Dollar Index103.27 101.13
Dow: Gold Ratio
(BahaUS 34175.00/Gold price,1880.00)
Current USA inflation rate (Dept. of Statistics)6.5%7.1%

Gold’s low of the week was $1,861.00 and the high was $1,886.00, now trading at around $1,883.00. An extremely tight range.

The monthly chart for Gold is neutral.The weekly chart has not given a sell yet but is weakening.

The daily chart gave a sell last Friday and looks indecisive right now.

$GOLD Gold - Continuous Contract (EOD) CME 9 February 2023

The low for Silver this week was $22.03 and the high $22.60, trading around $22.38 at present.

Silver on the monthly chart is neutral but faltering in both momentum and volume. The weekly chart is holding but barely.

The daily chart gave a sell Tuesday a week ago and is still in sell mode. It has not yet touched the bottom of the long term trading range at $21.50

$SILVER Silver - Continuous Contract (EOD) CME 9 February 2023

Our partner has stock of both gold and silver in our vaults available in Panama, please contact us for more information.

On the charts, the blue vertical lines are our proprietary system buy signals and the red vertical lines are system sell signals – for information purposes only
Please contact us to arrange the purchase and storage of your gold and silver requirements in a safe, insured, location outside of your jurisdiction.
This is my interpretation of the market and is not to be taken as financial advice. Before making any buy or sell decisions I recommend that you consult with your professional financial advisor
Larry Simon
Larry Simon

Larry Simon was educated at the University of Witwatersrand, Johannesburg, South Africa and is an experienced businessman specialised in management, investment and finance.

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