Gold Is Acting Like Money
Gold is acting like money because in reality it is money and everything else is just debt. Gold still needs to break above the prior HIGH of $1960 to regain its uptrend. Until that happens I remain neutral on gold.
Here is the Weekly Chart in silver that I have been posting for several weeks now. On the weekly chart if silver can break the prior HIGH of $24.80 then all silver bugs can rejoice! Until that moment, I remain NEUTRAL in silver.
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The HUI Index of gold mining stocks has had a nice run the past few sessions but nothing to get excited about. I remain NEUTRAL on the mining stocks.
In case you have been hiding under a rock, which may not be a bad place to hide, the West is in the midst of a Financial Crisis.
In the past week, three banks have shut down:
Silvergate Bank: https://www.zerohedge.com/crypto/silvergate-capital-wind-down-ops-liquidate-bank
Signature Bank: https://www.zerohedge.com/markets/svb-latest-developments-live-blog-fdic-auction-failed-svb-assets-underway
and
Silicon Valley Bank: https://www.zerohedge.com/markets/silicon-valley-bank-crashes-65-halted-pending-news
This past Fall the latest and greatest "crypto exchange", FTX also failed. https://www.zerohedge.com/crypto/ftx-post-mortem-part-1-3-wtf-really-happened
In response to these latest bank "failures" the United States Treasury guaranteed the deposits, above and beyond the FDIC Insurance level of $250,000 per depositor. Nice, I wish I had that kind of help from the US Government.
There are other US Banks that are in a bit of trouble. In fact almost all banks are taking a hit these days.
Western Alliance (WAL)
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First Republic Bank (FRC)
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Western Alliance (WAL)
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And just let you all know even the big boys are taking a haircut.
JP Morgan & Chase (JPM)
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Yikes!
The real elephant in the room is however Credit Suisse and the derivatives market.
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It is one thing to suddenly guarantee all depositors in a single bank failure, but there is not enough fiat currency in the World to make good on all the derivatives held by Credit Suisse.
A derivative is a financial contract based upon the performance of an underlying asset. A prime example is a Silver Futures Contract traded on the COMEX.
Do you see the problem? How many bets has Credit Suisse made that it can no longer pay? If Credit Suisse can not pay who will pay?
Folks this could get real ugly real fast.
Be prepared!
Peace Out and Stack On!
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I think gold seems a buy. Although from your chart it might still dip a bit, then shall rise !
I like your Charts, your choice of Words and your 90% U.S. Silver Coins...
It's the beginning of the End!
Let's make some popcorn.
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The way we are seeing that since one month the price of gold and silver is also increasing. The way we have seen the price of gold rise in the last three years, now it is coming to gold, it shows that the price of gold will go up in the coming days. Still we have good chance to invest our money inside gold and silver.