Gold Spot Price $AU3493

Silver Spot Price $AU43.62

Platinum Spot Price $AU1497

As homeowners are hit with new levels of mortgage stress, 401K Holders(Superannuation) are now stripping their holdings to help pay their mortgages. This is devastating, especially considering that these payments ultimately don’t pay their homes off any quicker, but focus on the interest component of their repayments.

This is the dirty end of a monetary tightening period, following the immense amount of money injected into the economy during Covid-19. Consumers and mortgage holders are now paying the bill for this massive stimulus. Imagine if you are between 30-45 years old and having to withdraw 30% of your superannuation to cover your mortgage repayments into the next year – these financial decisions ultimately delay retirement indefinitely and could well place a generation in a position reliant on pension or welfare, again putting more pressure on an economy to support its population.

Gold and silver continue to dance sideways and remain trading within the range it has set over the past month. However if gold does drop below $US2280 into the next week, we could be looking for a stronger footing around the $2250 mark into the next month. This is all very dependent on geopolitical tensions in Ukraine and Israel – which for the last period have only served more risk for markets in general.

Enjoy today’s charts.

Gold daily, with 200MDA