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GoldSilver Trading Week 10-14.7.23

From the Heraeus Weekly Bulletin:


The Turkish central bank's gold sales are masking the central bank aggregate demand figures. Global central bank “net” demand was -27 tons in May (source: World Gold Council). For the second straight month, the Turkish central bank sold large amounts of gold on the domestic market to meet local demand. Demand rose sharply as the value of the Turkish lira plummeted and a change in policy meant that gold could be bought in local currency rather than just dollars as before. Turkey stopped importing some gold products after the earthquake in February. Domestic demand was 59.5 tons in the first quarter of 2023, up 237% year-on-year (source: World Gold Council). Leaving aside Turkey's activity, which does not reflect a general change in central bank reserve policy, central bank activity has been positive. For the year as a whole, central bank purchases are unlikely to be as high as the 2022 record of 1,136 tons. The net change in central bank reserves year-to-date is -43.3 tons (+129 tons excluding Turkey).

Gold ETFs saw outflows in June as gold exited the uptrend. Global gold holdings in investment products declined 1.62 million ounces in June, with further outflows of 250,000 ounces in the first week of July. Outflows occurred in all regions except Asia. Institutional investors took the break of the six-month uptrend in June as a negative signal and reduced their exposure to gold. Last week Friday, gold ETF holdings fell 1.8% on a 30-day moving basis. In contrast, outflows were smaller in February, when gold prices experienced a similar decline. Last week gold ended slightly higher week-on-week at $1,928/oz on higher bond market volatility due to mixed above/below employment numbers in the US changing the interest rate outlook.


New highs for silver this year are unlikely. Industry in Europe and China is struggling, economic indicators point to a slowdown in the US economy into 2024. The concomitant decline in global industrial and manufacturing activity could negatively impact silver due to the large industrial demand base. However, as mentioned earlier, silver demand for PV applications remains a bright spot thanks to public incentives such as the Inflation Reduction Act and the RePowerEU programs. PV demand is expected to grow to 28% of total industrial silver demand, up from 19% in 2019 (source: The Silver Institute). Until there are signs of a recovery in the larger developed markets (China, US, Germany), silver is likely to underperform gold on slowing industrial activity and broader macroeconomic fundamentals. Silver was slightly down last week, closing at $23.05/oz on Friday, more than 11% below the year-to-date high of $26.07/oz.

Trust comment:

Gold has fallen sharply since the last high on 5/4/23, coinciding with our Mount Zion conference, as expected.

The recovery wave since autumn last year has taken much longer than expected overall, but the recession is breathing down the necks of the markets. The DAX may have already topped and the American markets are also about to collapse. Interest rates are on the verge of the next upswing, which is not good for our overall economic situation.

Many see the BRICS news as bullish for gold, but so far it is unclear how the exchangeability of the new Brics currency in gold will be regulated and whether an immediate exchange on demand should even be offered.

Bullishly for gold and silver would potentially break the global media narrative of the DeepStates, which many in the US are anticipating ahead of the next presidential election with eventual inheritance settlement behind it.

Until then, devastation is a foregone conclusion, even though Day 2300 was almost 3 years ago.

On the TempleCoin homepage you will now find a new and short introductory video that should give newcomers a first orientation.

The video clearly shows where the gateway to the nation of Ephraim for newcomers lies, namely at . Unfortunately, the Trust currently has no knowledge of the results there.

The trust's silver holdings increased slightly last week to 217197.89 g, while the gold holdings remained the same.

Unfortunately, the merchandise management system of the nation of Ephraim, which should make an automated posting of our gold-silver inventories possible, still does not work, even if individuals falsely claim the opposite, including the accusation that the failure to use this system would be due to the refusal of individuals in our organization.

Such assertions are not helpful, rather the opposite.

The fact is that the setup process with the responsible development company has unfortunately not yet been completed and the trustee refrains from cheaply assigning blame. Of course, completing the Wawi would be highly productive for the further processing of the Ephraim National Gold & Silver Trust and the Trust hopes to be able to complete this work with the developer Christian Schmitt, who is currently offering with good energy and motivation for this.

If you want to support the development of our new system, which will prevail as a solution to the worldwide economic problems, then you can participate as a new customer in the trust by signing up first create a trust account.

With the trust account you can find our silver and gold backed tradable certificates in the trust exchange on

You can get access for a one-time membership payment of 100 euros with the Ephi-Card as an access requirement. So make sure that the TrustAccount is only for EphiCard holders.

If you don't have an Ephi ID card yet, you can take out one here together with the trust account for an additional 100 euros for the Ephi card.

You can order the current Sanhedrin TempleCoin special edition of our biblical half-shekel in 7.775g fine silver here:

You can find the TempleCoin gold edition of the Jewish year 5782 here:

Here is our popular 1 gram gold card:

Check out the TempleCoin Shop for more exciting products .

The trustee wishes you a good week and lots of success.

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