Both gold and silver had significant and strong gains today reacting to longer-term treasury yields declining to their lowest levels this week. Both the 10-year and 30-year treasuries lost approximately 13 basis points. The 10-year treasury declined from 4.327% to 4.197%, and the thirty-year treasury bond dropped from 4.410% to 4.283%.

All eyes, or more appropriately all ears of investors, traders, market economists, and analysts will be laser-focused as they listen to the speech from Chairman Powell at the central bank's summer symposium this Friday.

Recorded on Wednesday Aug 16, 2023 

Ivan Bayoukhi and Gary joins the show, and we discuss the current state and future outlook of gold and silver in 2023. Furthermore, we discuss the technical analysis of the US dollar index and its recent performance.

Gold futures had declined for the last nine consecutive days taking prices dramatically lower from just under $1980 per ounce to yesterday’s low of $1914. Today gold futures basis the most active December contract is trading fractionally higher up $3.40 and currently fixed at $1918.60.

The release yesterday of the minutes from the July FOMC meeting sparked a major selloff in US bonds and notes taking yields to their highest levels since 2011. Yields on longer-dated US debt instruments such as the 10-year note and 30-year bonds moved to their highest closing level in years.

The minutes from the July FOMC meeting were released today. The document indicated that most Federal Reserve officials still believe that high levels of inflation are an ongoing threat and merit additional interest rate hikes. However, there was not an overall unison regarding the path forward in what can be best described as mixed messages amongst Federal Reserve members.

One could expect that the latest government report on retail sales revealing that they increased by 0.7% in July would garner a positive reaction in U.S. equities. However, it had the exact opposite effect taking all three major indices lower.

Prices of both spot and futures gold declined between 0.30% and 0.40% today, a direct correlation to dollar strength and higher U.S. Treasury yields. The dollar gained 0.35% in trading today taking the index to 103.05. After last week’s dramatic decline in gold, the first trading day of the week is indicating a continuation of the down-trend based on the most recent economic data.

David Lin of the David Lin report and Gary Wagner, Editor of TheGoldForecast.com, discusses the next moves for the dollar, gold, and the Fed.

*This video was recorded on August 1, 2023

In an article penned by Benjamin Purvis, and Simon Login in Bloomberg News written on August 1 and updated today where they reported a shocking revelation in the financial rating of the United States government.