Gold and Silver Rally Amidst US Bank Failures and Market Uncertainty

Gold Spot Price $AU2847.08

Silver Spot Price $AU32.44

Platinum Spot Price $AU1,475.81

Market news highlights

On the back of the extraordinary news of bank failures in the United States (Silicon Valley Bank, Signature Bank, Silvergate Bank), Gold and Silver have rallied strongly.

Gold pushed back through its psychological barrier of $US1900/oz and Silver punched a quick gain of $US1.70/oz over this period to $US21.67 because of worldwide banking uncertainty.

With more pain predicted through US FED rate rises, share markets around the world are currently in a state of shock and discovering new lows against their 200-moving day average.

With CPI results for February showing that Inflation is slowly cooling, we can see there is a long way to go in getting inflation figures around the 2% mark as promised by the US FED.

How much more pressure can the US banking system, mortgage holders and consumers endure before the cracks begin to widen? Time will tell.

30 days of Gold pricing (USD)

30 days of Silver pricing (USD)

Market Sentiment

Google Trends

30-Day Google trend positions for Gold. A visible peak hitting 100/100 in Gold.

Twitter sentiment 

Tweets around Gold Price soared to 19,430 over the past week.

Disclaimer

Please note that past performance does not guarantee future results. This news and any links provided are for general information only and should not be taken as constituting professional advice from Jaggards.

Jaggards is not a financial adviser. We recommend you seek independent financial advice before making any financial decisions based on the information contained in this article.