Daily Gold Market Report
Gold trades sideways as it closes out an uneventful week
Silver is quietly on the rise ‘signaling a secular breakout’
(USAGOLD – 3/31/20230 – Gold is trading sideways this morning as it closes out an uneventful week. It is up $1 at $1984. Silver is up 2¢ at $24.02 and up 4% on the week. Quietly, silver has been on the rise. Though gold is the headline asset at the moment, silver has been the better performer – up 13.7% since the beginning of March compared to gold’s 7.9% gain. Investing Haven thinks silver is now “signaling a secular breakout.”
“it’s important to note,” it says in an article posted recently, “that the secular trendline is about to cross the 50% retracement… which is a significant milestone. Second, there is a physical supply crunch underway…These two factors combined suggest that a secular breakout is imminent, and investors who are positioned correctly could stand to benefit greatly. For those who are bullish on silver and are willing to take on some risk, the potential rewards could be significant.”
Average annual silver price
(1971-1922)
Chart by USAGOLD [All rights reserved] • • • Data source: Macrotrends.net
Silver price
(1971-present, log scale)
Chart courtesy of TradingView.com
