A look at Gold and Silver Charts (07.09.2023)

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Where are the building cranes? What happened to the property enthusiasm? Why are people not investing in their homes? Where did the easily available capital go?

Why am I reluctant to wear my watch when I go out or reluctant to purchase a flashy car even though I would like one?

I have watched this happen twice in South Africa and now I see it starkly in the West. People become desperate and criminals become more bold when the economy dies.

I watched this happen in the number of years as apartheid South Africa crumbled. I watched incredible rebirth and confidence and investment in the five years of Mandela’s presidency and the rundown rot of apartheid yes reverse racism of ANC leadership from Mbeki to now.

Little or no new investment, envy and real risk to anyone with money or the appearance of money or nor part of the “in” crowd.

The west is in the grip of deliberate debasement of currency and as a result, debasement of humanity itself.

Sitting in my chair in a high floor hotel room in Dubai and having visited Abu-Dhabi yesterday, I see the exact opposite.

I see modern new exciting cities, huge development, high property prices, twelve lane highways are the norm, six ways in either direction, properly finished motorways, no potholes, new vehicles on the road, 140 km/hour speed limits, efficient government departments, sane laws …

I worry about the influence of OECD and other Western ideologies and who is really now trying to control these Emirates which are booming and have open doors to hard working people of the world.

I see their insidious influence over their banking systems creeping in.

Bitcoin and Gold

Last week we got a buy on Bitcoin against Gold. That position has not yet gone negative. Look at the strong support at this level. Before abandoning the position I would wait for the ratio to fall below the blue support line.

Bitcoin on its own chart gave a sell last week and has not yet given a convincing buy.

$BTCUSD:$GOLD Bitcoin to US dollar/Gold CRYPT 07 September 2023

Gold and Silver Stocks

Gold is outperforming stocks this week. The price and one indicator have turned up. I am not thoroughly convinced of a change of direction yet.

$GOLD:$HUI Gold- Continuous Contract (EOD) Gold Bugs Index - NYSE - 07 September 2023

Silver physical is easily outpacing the silver shares. See chart below. Although the indicators are high they are not overbought, so this situation may continue for quite a while.

$SILVER Silver - Continuous Contract (EOD) CME 07 September 2023

Gold and Silver

We had silver outperforming gold until earlier this week, the tide has turned, but the indicators are not convinced on this movement yet. So holding gold appears to be the strategy for now.

$GOLD:$SILVER Gold Continuous Contract - cash settle 06 September 2023

Gold to USD chart

The USD has strengthened against the other currencies in the basket and gold has weakened against the dollar. Gold has not given a sell signal yet, but is on the cusp and could easily sell in the next day or so.

$GOLD:$USD Gold - Continuous Contract (EOD) CME 07 September 2023

A look at the Gold & Silver chart

TodayLast Week
Gold Price$1,918.00$1,945.00
Silver Price$23.06$24.57
Gold: Silver ratio83.13:179.14:1
Gold Miners bullish percent index14.2917.86
Dollar Index104.95103.51
Dollar IndexDow:Gold Ratio (BahaUS 34349.00 Gold price, $1918.00)17.9117.93
Current USA inflation rate (Dept. of Statistics)3.2%3.0%

Gold’s low of the week was $1,915.00 and the high was $1,946.00, now trading at around $1,919.00

  • The monthly chart for Gold is a hold, looking neutral to down.
  • The weekly chart  gave a buy but is on the cusp of a sell.
  • The daily chart is a hold but under pressure and poised for a sell.
$GOLD Gold - Continuous Contract (EOD) CME 07 September 2023

The low for Silver this week was $23.00 and the high $24.29, trading around $23.07 at present.

  • Silver on the monthly chart remains a hold but is looking close to a sell.
  • The weekly chart has had us on a rollercoaster and is indicating sell
  • The daily chart gave a sell this week.
$SILVER Silver - Continuous Contract (EOD) CME 07 September 2023

Our partner has stock of both gold, silver and Goldbacks in our vaults available in Panama.

Please contact us for more information.

Goldbacks Fort Kobbe Vaults Panama

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.

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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