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 A look at Gold and Silver Charts (05.25.2023)

Thinking of the debt ceiling, I see the waste and ‘lost’ funds, I shake my head in horror. When literally billions and trillions ‘go missing’, my disbelief grows exponentially. When my $600.00 is tracked and prosecuted to the n’th degree, the only way that missing funds can happen is on purpose. I wonder where the funds are and who is able to use them and for what purpose. 

It makes sense to me that cutting spending on useless projects that just feed the monster is resisted vigorously. How do we know the extent of the pay-offs and corruption?  How much  undeclared creation of currency is there?  Who is protected? 

We see only a portion of how and why we have the inflation that we have. Inflation is caused by ‘overprinting’ currency. 

We can protect ourselves by converting fiat currency into assets that protect us against the profligate misuse of the printing press.

It is time to lock in (up?) the politicians so that they put in place systems to stop the  theft and corruption and remove the  perpetrators permanently.

Let's make a Deal_Ben Garrison cartoon
© With permission granted by Ben Garrison, reproduction and republication is expressly prohibited. Visit Ben Garrison’s website by clicking on this link.

Gold and Bitcoin

Even though gold prices are going down at present gold is still outperforming bitcoin. The relationship does appear to be turning back to preferred bitcoin, but is not there yet.

$BTCUSD Bitcoin to US dollar CRYPT 24 May 2023

Gold and Silver Stocks

The relationship between physical gold and silver in comparison with the stocks of gold and silver continually changes. The past number of years have seen the stocks severely underperform the physical metal.  The stocks have just begun to recover and the charts seem to indicate a continuation of this pattern. The past week or so of trading, sees gold physical outperforming the stocks, here represented by GDX.

$Gold:GDX Gold - Continuous Contract(EOD)/VanEck.24 May 2023

This morning in ten minutes, the price was knocked down from $1,960.00 to $1,940.00 and appears to be recovering slightly.

May 21 (King World News) – Fred Hickey:  In 4 of last 5 trading days there have been inflows into GLD ETF (5th day was flat). Total adds over 5-day period were 10 tons, while gold itself fell $40oz. Highly unusual. March 8, 2022 (gold’s 2022 top) to March 15 ’22 saw steep gold decline accompanied by GLD outflows.

Do what they do, not what they say! No matter how they try to control, minimize, block, manipulate, make difficult, the purchase, transport, transfer or payment for gold it is an important insurance element of one’s portfolio, not to forget the potential profit and hedging components. We can say the same or more for the other monetary metal, silver.

From Peter Schiff

So far this year, the following central banks have added the most gold to their reserves, according to data from the World Gold Council.

  • Singapore – 68.67 tons
  • China – 57.85 tons
  • Turkey – 30.21 tons
  • The Czech Republic – 1.54 tons.

So, which countries hold the most gold?

Here are the top 20 gold hoarders in the world based on the most recent data from the World Gold Council.

CountryTONSTOTAL RESERVES
1. The United States8,133.5 tons68.7% of total reserves
2. Germany3,354.9 tons68.2% of total reserves
3. Italy2,451.8 tons65.4% of total reserves
4. France2,436.8 tons67% of total reserves
5. Russia2,326.5 tons24.9% of total reserves
6. China2,068.4 tons3.9% of total reserves
7. Switzerland1,040.0 tons 7.3% of total reserves
8. Japan846,0 tons4.3% of total reserves
9. India794.6 tons8.7% of total reserves
10. The Netherlands612.5 tons57.7% of total reserves
11. Turkey572.0 tons34.1% of total reserves
12. Taiwan423.6 tons4.6 % of total reserves
13. Portugal382.6 tons70.1% of total reserves
14. Uzbekistan381.3 tons68.5% of total reserves
15. Kazakhstan332.0 tons58.5% of total reserves
16. Saudi Arabia323.1 tons4.3% of total reserves
17. The United Kingdom 310.3 tons11.4% of total reserves
18. Lebanon286.8 tons53.9 % of total reserves
19. Spain281.6 tons18.3% of total reserves
20. Austria280.0 tons50.1% of total reserves

The International Monetary Fund (IMF) holds 2,814.0 tons of gold. It would rank third in the world if it were a country. The European Central Bank holds 506.5 tons of gold, ranking it 13th among countries.

Venezuela holds the largest percentage of its total reserves in gold at 84.2%.

A look at the Gold and Silver Charts

TodayLast Week
Gold Price$1,948.00$1,959.00
Silver Price$23.00$23.44
Gold: Silver ratio84.58:183.46:1
Gold Miners bullish percent index:53.5760.71
Dollar Index104.18102.58
Dow:Gold Ratio (BahaUS 32,792.00/Gold price, $1,948.00) =16.8317.02
Current USA inflation rate (Dept. of Statistics)4.9%5.0%

Gold’s low of the week was $1,939.00 and the high was $1,985.00.00, now trading at around $1,948.00

  • The monthly chart for Gold is a hold and still looks positive.
  • The weekly chart is a hold, looking weaker. The spike high is not supported by the other signals, so no sell yet.
  • The daily chart remains in an OUT position, touching support at these levels.
$GOLD Gold - Continuous Contract (EOD) CME 24 May 2023

The low for Silver this week was $22.78 and the high $23.90, trading around $23.01 at present.

  • Silver on the monthly chart remains a buy. 
  • The weekly chart is a hold, within a touch of a sell if indicators cross over tonight.
  • The daily chart is a sell, so out of the market. Price is inside the long term trading range and looking weak.

There is support around $23.00 to $23.50. The price this morning dropped under $22.80 but recovered back over $23.00 within minutes.

$SILVER Silver - Continuous Contract (EOD) CME 24 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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