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GoldSilver Week August 21-25, 2023

From the Heraeus Weekly Bulletin:


Gold prices are under pressure as the US dollar strengthens and bond yields rise. The FOMC minutes showed that the Fed is no longer expecting a recession and that inflation risks are skewed to the upside. The market-based probabilities of another rate hike have increased slightly, but are still not considered certain. Nonetheless, the US dollar has rallied strongly as the US economy has performed better than expected, increasing the chances of another rate hike. The dollar index has risen from 99 to 103 over the past five weeks, creating headwinds for the price of gold, which peaked as the dollar began to strengthen again. Gold prices are likely to remain under pressure until yields and the dollar peak.

The drop in gold prices has led to an increase in jewelry demandled in India. In rupees, the price of gold has fallen to below 59,000 rupees/10g from a record high of over 61,000 rupees/10g in May. This has encouraged wholesalers to stock up in the face of increasing consumer interest. Indian jewelry demand was 207t in the first half of 2023 (Source: World Gold Council) and it usually increases in the second half of the year due to festivals like Diwali and the start of the wedding season. However, demand was 27 t lower in the first half of the yearthan in the first half of 2022 and in the second half of last yearYear-to-date demand rose to 366t as the price was lower than in the first half, averaging just slightly above Rs 51,000/10g. Price needs to remain low and at the same time consumer demand needs to improve significantly for demand to come close to last year's total.Gold fell below $1,900/ounce last week, hitting its lowest level since March. After breaking through the support zone, the next support area is only at $1,810/oz.


Peruvian silver production faces difficulties in 2023. Hochschild's first half silver production was 5.4 million ouncescompared to 6.4 million ounces last year. Production at the Pallancata and Inmaculada mines in Peru was down a combined 529,000 ounces, as was production at the San Jose mine in Argentina. Peru's official silver production statistics (source: Ministry of Energy and Mines) for the first five months of the year shows that production fell by 3.5 million ounces to 37.5 million ounces this year. Peru was the third largest silver producer in 2022 with a production of 107 million ounces (source: Silver Institute).

While the price falls, silver is still lagging behind gold. Da's gold:silver ratio has increased to over 84 compared to less than 80 in July. The price is near the support zone, if it breaks below $22/oz, the next support is $20/oz.


Trust comment:

The Heraeus newsletter reflects what we said in mid-July, namely that the dollar index will stabilize. Accordingly, gold and silver prices have fallen sharply in recent weeks and are again offering good purchase prices, even if there is the possibility of further price reductions.

In the short term, the price may now recover somewhat, only to then likely fall further.

The fact that the recession, as described in the Heraeus Newsletter, has now been canceled by the American Fed is of course just a historical joke, which will continue to be noticeable in the coming weeks and months. China's economy is already booming.


The Trust's silver holdings increased last week to 222044.89 grams.

The gold stock has remained the same at 1803.64 grams.

The current highlight of the trust is the new 25 oz (777.5g) fine silver bar that can be ordered.

The first 25 pieces will be delivered from the beginning of September and you can already order it here:

First edition of the Jewish year 5782 published this week on 8/11. Celebrating three year anniversary.

Second edition of the Jewish year 5783

Shavuot Special Edition Sanhedrin:

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

You can find our 1 gram GoldCard here:

You will find the real highlight of our offer in our Trust_Exchange, where you can buy gold and silver-covered certificates at the absolute best price without having the classic storage problem.

Each certificate is individually covered by us with one gram of silver or gold, which is held in our own LBMA account. Each certificate can be traded in our own trading system and company certificates are also available.

The price of the silver and gold-backed certificates is unbeatable.

You can easily and quickly join the Ephraim National Gold & Silver Trust:

You can gain access to the trust for a one-off membership payment of 100 euros with the Ephi-Card as a prerequisite for access. 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.

Check out the TempleCoin Shop for more exciting products . Shalom


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