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A look at the Gold and Silver Charts (07.03.2024)

Powell knows that if he raises interest rates, which I believe is necessary to hold off inflation, that he will sink the economy as well as increase the debt obligations of the FED which will become unsustainable.

Yesterday he said that rates have likely reached their peak.

‘It will become appropriate to dial back policy restraint later this year.’ I wonder if this relates to holding interest rates until after elections. When we see inflation escalate we know where to point.

Neel Kashkari, president of the FED in Minneapolis says there could be a scenario where the FED raises rates. I wonder what scenario that is, maybe looming elections.

He said the economy is strong. I think he is referring to the Magnificent four, which used to be the Magnificent seven stocks. Even that is falling apart.

The average person is really struggling with increasing prices and a relatively devaluing dollar.

People paying attention are watching in awe as the dollar becomes less valuable.

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BITCOIN & GOLD

The Bitcoin v Gold chart below has given us a signal to sell Bitcoin and buy gold. This makes sense as Bitcoin is looking overbought at this level and it appears that gold is taking off.

$BTCUSD:$GOLD Bitcoin to US dollar/Gld CRYPT 07 March 2024

Although bitcoin has outpaced the Nasdaq in terms of speed of appreciation, the correlation still remains in place.

$BTCUSD Bitcoin to US dollar CRYPT 07 March 2024
GOLD & SILVER STOCKS

Last week’s heads up to buy stocks, sell physical gold was perfectly correct. This week stocks have outperformed the physical metal.

$GOLD:$HUI Gold- Continuous Contract (EOD) Gold Bugs Index - NYSE - 07 March 2024

Silver has also given a signal that stocks are now outperforming the physical metal. The physical metal has performed well but the stocks are responding better.

$SILVER - SIL Silver- Continuous Contract (EOD) Global X Silver Miners ETF 07 March 2024
GOLD & SILVER

Physical gold has performed exceptionally well but silver even though it has moved a small amount in dollar terms is outperforming gold.

$GOLD:$SILVER Gold Continuous Contract - (EOD) Silver - continuous 07 March 2024
GOLD TO USD

This week the gold price appreciation exceeded the dollar, far outperforming it. As the dollar weakened from about 1.04 to 1.03 gold surged ahead producing results you see below.

$GOLD Gold vs USD - Continuous Contract (EOD)- CME 07 March 2024

A LOOK AT THE GOLD AND SILVER CHARTS
TodayLast Week
Gold Price$2,154.00$2,028.00
Silver Price$24.14$22.33
Gold:Silver ratio89.19:190.80:1
Gold Miners bullish percent index:28.5717.86
Dollar Index103.15103.97
Dow:Gold Ratio (BahaUS 38,706.00 Gold price, $2,154.00)17.9619.13
Current USA inflation rate (Dept. of Statistics)3.1%4.1%

Gold’s low of the week was $2,079.00 and the high was $2,161.00, now trading at around $2.156.00.

  • The monthly chart for Gold  is a hold. We bought in at $1,800.00 and have held it to date.
  • The weekly chart remains a hold. The spike high has been broken and looks encouraging. Indicators are still in normal ranges which bodes well for future price appreciation.
  • The daily chart is a hold. Looking overbought at this level, but it has broken the previous spike high at $2,152.30 which is very encouraging for future price appreciation.
$GOLD Gold - Continuous Contract (EOD) CME 07 March 2024

The low for Silver this week was $23.01 and the high $24.30, trading around $24.17 at present.

  • Silver on the monthly chart indicates out. A couple of indicators have turned up. 
  • The silver weekly chart is a buy and looking positive for future appreciation. I would like to see it break out of its long term trading high of around $28.60.
  • The silver daily chart is a hold with room to improve further.

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

Goldback - Fort Kobbe Vaults - Panama. WE ACCEPT GOLDBACK

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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