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A look at the Gold and Silver Charts (30.05.2024)

cartoon-illustration-tropical-island-with-palm-trees-boat-water

I took two weeks off to meet friends of long standing. We converged on a tiny Greek island famous for the temple of the gods ruins where initiations have been performed for many centuries. We had time to feel the energy of the temple, chat, meet new friends, explore the island and contemplate the life we are living.

It is not often, living in this pressured world, that one is able to sit back and take the time to contemplate one’s daily lives. 

Which are the things that sustain us, which feed us emotionally and spiritually and what of our day brings us joy?

I know that often our choices are limited because of the circumstances in which we find ourselves, but even then, we can mitigate the stresses by making small changes.

We get caught up in the cacophony of all going on around us and struggle to just enjoy or recognize the gifts we are given from minute to minute and day to day. 

Sometimes it is good to remove oneself from ‘normal’ life and just reflect.

BITCOIN AND GOLD

BTC:GLD below shows bitcoin  outperforming Gold. 

$BTCUSD:$GOLD Bitcoin to US dollar/Gld CRYPT 30 May 2024

ETHUSD is in hold mode after a buy 12 working days ago.

BTCUSD gave a buy signal two weeks ago and is still a hold. It appears to be making a reverse head and shoulders pattern which if it completes portends higher prices.

$BTCUSD Bitcoin to US dollar CRYPT 30 May 2024

GOLD AND SILVER STOCKS

Gold stocks are outperforming the physical metal. This is a great sign for a continuing good performance of gold too.

$GOLD:$HUI Gold- Continuous Contract (EOD) Gold Bugs Index - NYSE - 30 May 2024

Physical silver is outperforming silver stocks. Demand for silver physical is growing continually and is being reflected in the physical-to-stock comparison.

$SILVER - SIL Silver- Continuous Contract (EOD) Global X Silver Miners ETF 30 May 2024

GOLD AND SILVER

Gold  is underperforming silver. I like this as a precursor to a sustained increase in the prices of both metals.

$GOLD:$SILVER Gold Continuous Contract - (EOD) Silver - continuous 30 May 2024

GOLD TO USD

Gold v USD  The battle for dominance between the Dollar and gold appears to be on with a buy signal shortly followed by a sell.

$GOLD:$USD Gold - Continuous Contract (EOD) CME 30 May 2024

A LOOK AT THE GOLD AND SILVER CHARTS
TodayLast Week
Gold Price$2,344.00$2,326.00
Silver Price$31.29$27.91
Gold:Silver ratio74.80:183.32:1
Gold Miners bullish percent index89.2982.14
Dollar Index104.68105.47
Dow:Gold Ratio (BahaUS 38115.00 Gold price, $2,344.00)16.2616.76
Current USA inflation rate (Dept. of Statistics)3.4%3.5%

Gold’s low of the week was $2,322.00 and the high was $2,364.00, now trading at around $2,343.00.

  • The monthly chart for Gold is a hold. We bought it at $1,800.00 and have held it to date. It looks overbought but the indicators are mainly positive.
  • The weekly chart remains a hold.  Looking overbought but no sell yet. Subject to my worries on the spike high. 
  • The daily chart, we are out but price is consolidating.

$GOLD Gold - Continuous Contract (EOD) CME 30 May 2024

The low for Silver this week was $30.33 and the high $32.30, trading around $31.36 at present.

  • Silver on the monthly chart indicates a hold. The signals look strong for now. (Chart below).
  • The silver weekly chart is a hold. It has broken above the trading range and looks to hold above it. 
  • The silver daily chart indicates buy and hold. It is looking overbought but the OBV is still positive and increasing.
$SILVER Silver - Continuous Contract (EOD) CME 30 May 2024

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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