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A look at the Gold and Silver Charts (06.06.2024)

Justice is now a political tool_Ben Garrison cartoon

We have lost the plot completely. People of the world are being driven down the war path by zealots determined to make the military, industrial, banking, political cabal rich at the expense of the people. 

The notion that our elected officials are looking out for the people they represent is long gone.

Military contracts are notoriously full of loopholes, side payments, and corruption. Imagine with these vast amounts of currency being ‘spent’ how many and how much never sees ‘investment’ in a weapon. 

Who tracks where, by whom and on what each dollar goes, once it is allocated for disbursement?

The stories we are fed as the current reason for war are usually an out and out lie. Of course the narrative is built by governments as to why we should be at war.

We, without access to real information, as the news is so tightly controlled, believe the narrative and mostly support the government line.

At what point do the people stop and take stock of the deterioration of their living standards, their lack of control over the behavior of their politicians, the profligacy of the central banks, the ever tightening control over their personal lives, control of how much, where and on what they can spend their hard earned and taxed earnings?

I think that when it happens woe betide people in the sights of the slighted populations. Slowly the lies are being uncovered and the harm done to the people is being revealed.

I trust that sufficiently capable people will be able to stop this juggernaut in time.

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

― Henry Ford

Look him up_Ben Garrison Cartoon
Fauci-retires_Ben Garrison cartoon
BITCOIN AND GOLD

Here is a fun chart of the trajectory of Bitcoin and the Nasdaq plotted against one another. The correlation is quite remarkable. (Nasdaq in purple).

BTCUSD Bitcoin to US dollar CRYPT 6 June 2024

BTC:GLD below shows bitcoin  outperforming Gold. Our buy signal on BTC last week against gold appears to be continuing.

$BTCUSD:$GOLD Bitcoin to US dollar/Gld CRYPT 6 June 2024

ETHUSD is in hold mode. It is moving sideways and the indicators are slowly failing but no sell signal yet. I am waiting one more day to see if ETH is still a hold.

$ETHUSD Ethereum to US Dollar 6 June 2024

BTCUSD is still a hold. It appears to be making a reverse head and shoulders pattern which if it completes portends higher prices. Indicators look positive.

$BTCUSD Bitcoin to US dollar CRYPT 6 June 2024

GOLD AND SILVER STOCKS

Yesterday physical gold gave a signal that it will now outperform the stocks.

$GOLD:$HUI Gold- Continuous Contract (EOD) Gold Bugs Index - NYSE - 6 June 2024

Physical silver continues to outperform silver stocks. Demand for physical silver is growing continually and is being reflected in the physical to stocks comparison.

$SILVER - SIL Silver- Continuous Contract (EOD) Global X Silver Miners ETF 6 June 2024

GOLD AND SILVER

Gold  is outperforming silver. Silver has had a nice run for the past two weeks and needs a rest and consolidation before moving up again.

Physical supply of silver is insufficient and it is a matter of time before realistic prices emerge. My conservative guess would be around $150.00 to $200.00 based on current Gold prices.

$GOLD:$SILVER Gold Continuous Contract - (EOD) Silver - continuous 6 June 2024

GOLD TO USD

Gold v USD  The chart below shows that the inverse correlation between the dollar and gold has broken since April, a correlation between them generally exists. (Gold = red/black candlesticks. Green = Dollar).

$GOLD Gold vs USD - Continuous Contract (EOD)- CME 6 June 2024

A LOOK AT THE GOLD AND SILVER CHARTS
TodayLast Week
Gold price$2,358.00$2,344.00
Silver price$30.17$31.29
Gold:Silver ratio78.09:174.80:1
Gold Miners bullish percent index85.7189.29
Dollar Index104.22104.68
Dow:Gold Ratio (BahaUS 38778.00 Gold price, $2,358.00)16.4416.26
Current USA inflation rate (Dept. of Statistics)3.4%3.5%

Gold’s low of the week was $2,314.00 and the high was $2,374.00, now trading at around $2,354.00.

  • The monthly chart for Gold  is a hold. We bought in at $1,800.00 and have held it to date. It looks overbought but the indicators are mainly positive.
  • The weekly chart has given a sell. Looking overbought with mixed signals. (Chart below).
  • The daily chart, we are out but price is consolidating.
$GOLD Gold - Continuous Contract (EOD) CME 6 June 2024

The low for Silver this week was $29.37 and the high $30.89, trading around $30.18 at present.

  • Silver on the monthly chart indicates a hold. The signals look strong for now. 
  • The silver weekly chart is a hold. It looks overbought and seems to be running out of steam. (Chart below). 
  • The silver daily chart indicates a sell even though the OBV is increasing. This is most unusual so bear careful watching, but makes sense in view of the buying pressure from India. It should push the price up but ???
$SILVER Silver - Continuous Contract (EOD) CME 6 June 2024

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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