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A look at the Gold and Silver Charts (21.09.2023)

National_Debt_Hedgeye cartoon
© Hedgeye Risk Management, LLC with permission granted by Hedgeye, reproduction and republication is expressly prohibited

At thirty-three trillion of national debt, interest consumes a huge portion of taxes collected.

The debt has grown every year since 2001 as the government has spent more than its tax receipts. Debt is 54% higher than five years ago.

Interest payments are on track to exceed $1 trillion before the financial year is done. This is the second largest expense behind social security at $1.2 trillion.

In total for the year, Federal spending was 24% of GDP, including social security, medicare, and interest payments, against a backdrop of a 10% drop in revenue for the year. 

As a result of the burgeoning debt, Fitch downgraded the government’s credit rating this year from AAA to AA+. An interesting fact is that no company can have a rating greater than that of the government.

Because of the enormous interest burden, funds will be limited for services such as Education, Healthcare, Infrastructure, and Welfare.

Much of the debt is held by countries outside of the US which then gives those countries financial leverage over the US. (Unless the US defaults).

The debt burden will affect future generations, unless the debt is inflated away or paid or defaulted on. Future trade with the US will be severely hampered unless the debt is paid. 

It appears that an attempt is being made to crash the entire world financial system, which in the ‘powers that be’ opinion will allow them to escape Scott-free and institute their CBDC system with more control over the entire world population.

Read more about:

Bitcoin and Gold

Bitcoin and the Nasdaq are holding their correlation as can be seen in the chart below.

$BTCUSD Bitcoin to US dollar CRYPT 20 September 2023

Bitcoin has bounced off the support line and is outperforming gold at present.

$BTCUSD:$GOLD Bitcoin to US dollar/Gold CRYPT 20 September 2023

Gold and Silver Stocks

Gold compared to the HUI gold bugs index is running basically neutral at present with a slight bias in favor of gold physical. The indicators have not given a buy on gold physical at present.

$GOLD:$HUI Gold- Continuous Contract (EOD) Gold Bugs Index - NYSE - 20 September 2023

The indicators for silver physical against silver stocks are similar to gold above, with the stocks strengthening, but not giving a buy signal yet.

$SILVER - SIL Silver- Continuous Contract (EOD) Global X Silver Miners ETF 20 September 2023

Gold and Silver

Both gold and silver remain under pressure since the middle of the second quarter. Events which should cause the prices to escalate appear to be preceded by paper selling in order to suppress any enthusiasm for the metals.

Gold to US chart

The chart below reflects yesterday’s close, this morning the USD is trading at 105.22 which indicates more pressure on the gold price. We are seeing this in early trade.

$GOLD:$USD Gold - Continuous Contract (EOD) CME 20 September 2023

Look at the Gold & Silver chart

TodayLast Week
Gold Price$1,917.00$1,908.00
Silver Price$22.95$22.59
Gold: Silver ratio83.54:184.46:1
Gold Miners bullish percent index17.8614.29
Dollar Index105.21105.14
Dow:Gold Ratio (BahaUS 34279.00 Gold price, $1,917.00)17.8818.24
Current USA inflation rate (Dept. of Statistics)3.7%3.2%

Gold’s low of the week was $1,913.00 and the high was $1,947.00, now trading at around $1,917.00.

  • The monthly chart for Gold is a hold, looking neutral to down.
  • The weekly chart is in a sell or out condition, but appears to be recovering, not yet a buy.
  • The daily chart has given a buy signal. This is a choppy market and we must be careful of false signals, particularly with the dollar strengthening.
$GOLD Gold - Continuous Contract (EOD) CME 20 September 2023

The low for Silver this week was $22.81 and the high was $23.59, trading around $22.96 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 or stay out for now.
  • The daily chart remains in sell or out mode , slowly gaining strength, not yet a buy.
$SILVER Silver - Continuous Contract (EOD) CME 20 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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