July 3, 2023 – Gold and silver enter the second half of the year while in the midst of a technical shorter-term downtrend, having pulled back from recent highs.
Gold actually flirted with its all-time high back in May, the third time it’s reached the $2,050 level. Triple tops are generally unheard of, implying gold could simply be resting before finally powering through that level to reach new highs above $2,100 later this year.
But a big move starting this summer isn’t likely, absent an exogenous event. Although not a hard-and-fast rule, seasonal factors typically point to summer doldrums.
The forces that move gold and silver prices are of both a fundamental and technical nature. The fundamental factors drive gold prices and silver prices in the longer term, while technical factors play a more important role over the shorter term.
If there are strong indications that silver and gold are going to move higher or lower, seasonality is not likely to change it. However, based on the market action we’re seeing, we currently expect the precious metals to trade mostly sideways until late August.
Friday’s Close (Weekly Gain/Loss)
Monday Morning (Gain/Loss from Friday’s Close)
Gold
$1,929 (+0.1%)
$1,931 (+0.1%)
Silver
$23.00 (+1.4%)
$23.11 (+0.5%)
Platinum
$920 (-2.0%)
$925 (+0.5%)
Palladium
$1,275 (-6.0%)
$1,295 (+1.6%)
Gold : Silver Ratio (as of Friday’s closing prices) – 83.9 to 1
Download Your Free Money Metals Insider NOW! (Summer 2023)
This special newsletter is packed with actionable information about the markets, plus details on some special offerings from the top-rated precious metals dealer in the United States.
Leading off the issue, we discuss the large negative divergence in the silver price as compared to the gold price and what that may mean for silver’s relative performance from here.
Plus, we report on a new effort by Rep. Alex Mooney (R-WV), a sound money champion, to stop the Federal Reserve from pursuing a totalitarian, privacy-crushing Central Bank Digital Currency scheme. Precious metals investors will definitely want to hear more about what’s happening with this!
Meanwhile, we outline the top five reasons why young people would be smart to put aside their gadgets for a moment and get involved in the gold market. And don’t miss our highly popular Q&A feature!
Here’s more about what’s inside your free Money Metals Insidernewsletter:
So download the PDF of this fantastic free newsletter right now – and pass it around to your friends! It’s another free benefit for those who have signed up for the Money Metals email list.
This copyrighted material may not be republished without express permission. Offer only available through email promotion. Offer does not apply to previous orders and may not be combined with any other offer or program. Special shipping rates or other restrictions may apply to international orders. The information presented here is for general educational purposes only. Money Metals Exchange and its staff do not act as personal investment advisors. Nor do we advocate the purchase or sale of any regulated security listed on any exchange for any specific individual. While our track record is excellent, investment markets have inherent risks and there can be no assurance of future profits. You are responsible for your investment decisions, and they should be made in consultation with your own advisors. By purchasing from Money Metals, you understand our company is not responsible for any losses caused by your investment decisions, nor do we have any claim to any market gains you may enjoy. Money Metals Exchange is not a regulated trading “exchange” as defined by the CFTC and the SEC.
Money Metals Exchange • PO Box 2599 • Eagle, ID 83616
