Gold & Silver Prices Ease After 5 Consecutive Weeks of Gains

Welcome to Jaggards Wednesday Market Insight

19 April 2023

As at 10 am, AEST

Gold Spot Price $AU2987

Silver Spot Price $AU37.56

Platinum Spot Price $AU1623

After 5 straight weeks of gains, Silver has found a resting place at $US25.20. Gold is also pausing its rise, currently at $US2006.

Bullion pricing ‘taking a breath” comes off the back of US economic news that shows signs that ‘all is well’. Looker a bit deeper, we see that manufacturing data is up, but building permits are down. Later in the week, we’ll have more information to share on jobless claims and other economic indicators.

The US debt ceiling is also receiving some attention this week, reinforcing that ‘all is not well’. Historically, financial markets have reacted to uncertainty about the U.S. government’s debt limit with “heightened volatility and dislocation of Treasuries maturing closest to the stated deadline,” *Goldman Sachs.

Some of our readers will remember Barack Obama’s “No budget, no pay’ Act of 2013. Government and new work was ultimately stalled from early 2013, until May 19 where the debt ceiling was raised yet again.

The debt ceiling also becomes an extremely important connected topic to the US's ability to pay back its loans. In some cases, without increasing the debt ceiling they would default on these loans. Currently, US government loans total approximately $31.46 trillion. You can keep track of this figure here.

Debt ceiling issues are fast becoming a reality today due to “Weaker than expected capital gains tax revenue”. In what seems like an obvious statement “Less money equals less money”.

When markets are unsure of what is coming next, Gold and Silver shine.

*Not financial advice, please do your own research prior to any investment decisions you make.

30 days of Gold pricing (USD)

30 days of Silver pricing (USD)