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.

Gold spot and futures both declined by over 1% today as traders reacted to dollar strength and stronger yields on U.S. Treasuries. But that explanation lacks the complete backdrop to the multiple reasons why gold is trading under pressure today.

Jesse day and Columnist for Kitco Gary Wagner recorded this interview last week.

00:00 Introduction

00:30 Weakness in the US Dollar

06:18 Gold Forecast