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A look at Gold and Silver Charts (05.04.2023)

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Gold and Silver Stocks

This week the gold and silver stocks have performed in a mediocre manner in comparison with physical gold.

A few stocks have performed well and even though many have ended the day in the green, the percentage increments have been limited.

Although the RSI’s (relative strength index) of many stocks have indicated over 50%, a generally good indicator to buy, the supporting indicators are not confirming a buy at yesterday’s close.

I suspect that should we get a sustained upward move in the gold and silver prices, we will get confirmation to buy stocks.

It does look like we are getting a cup and handle formation on the ASA:$Gold chart below, which bodes well for future gold and silver  stock prices.

A look at @TheBoyPlunger chart in the next section may explain why.

ASA-$GOLD ASA Gold and Precious Metals LTD Gold - Continuous Contract (EOD) NYSE CME.20230503

Gold and Silver

Here’s an interesting view of the gold price from @BoyPlungerTrade, that the inverted oil price precedes the gold price by twelve weeks or 85 days, he then proves its accuracy with the chart below. So his expectation coincides pretty much with ours at this time. We expect long term hold, medium term hold, short term out.

Gold_Spot U.S dollar

As one would expect, gold production has increased over the time period of the chart below. 

The chart is of interest as it reflects the geographic as well as political changes that have led to increased or reduced production from each location.

I look at the huge production of gold in South Africa over decades and wonder where the spoils of those trades now reside. The country now certainly does not reflect those riches.

200-Years-of-Global-Gold-Production

Central banks, because of their coordinated action, for the most part, are now buying gold. We watched gold prices being suppressed by central banks selling their holdings.

I wonder why prices are not soaring whilst this buying spree prevails?

30-years-of-central-bank-gold-demand-infographic

A look at Gold and Silver Charts

TodayLast Week
Gold Price today$2,038.00$1,986.00
Silver price today$25.52$24.92
Gold: Silver ratio today79.77:179.67:1
Gold Miners Bullish Percent Index75.8675.86
Dollar Index101.50101.21
Dow: Gold Ratio
(BahaUS 33,728.00/Gold price $2,038.00)
16.5420.07
Current USA inflation rate (Dept. of Statistics)5.0%6.0%

Gold’s low of the week was $1,976.00 and the high was $2,078.00, now trading at around $2,037.00

  • The monthly chart for Gold is a hold.
  • The weekly chart is a hold and returning to better levels.
  • The daily chart is indicating a buy this morning, but I would wait for the open to verify.
$GOLD Gold - Continuous Contract (EOD) CME 03 May 2023

The low for Silver this week was $24.62 and the high $25.90, trading around $25.53 at present.

  • Silver on the monthly chart gave a sell last month and has reversed to a buy. It looks like it has a good run ahead of it. 
  • The weekly chart is a hold, still in its trading range, looking overbought.
  • The daily chart is a sell, so out of the market. It is back inside the long term trading range and looking positive but no buy yet.
$SILVER Silver - Continuous Contract (EOD) CME 03 May 2023

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

Goldback-FortKobbeVaults-Panama

On the Stockcharts.com 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.If you are interested in an overview of Fort Kobbe, you may want to have a look at this video: Mike Brown, Director, Fort Kobbe, International Vaults, A DotCom Magazine Exclusive Interview

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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