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GoldSilver Week June 18-24, 2023

From the Heraeus Weekly Bulletin:


Despite stimulus measures, gold demand in China is at risk due to the weaker economic environment. Rate cuts and support for the real estate sector are unlikely to stimulate gold demand. Gold shipments from the Shanghai Gold Exchange (an indicator of demand from jewelry makers) fell again in May after falling since February, and are also below long-term averages. The seasonal pattern of demand is likely to have contributed to this decline; it is typically weaker in the second quarter. High prices and concerns about weak economic data in various sectors are likely to have a negative impact on companies. Gold prices hit highs in yuan terms and the latest manufacturing PMIs showed a decline in May. If the economic recovery does not accelerate as a result of the stimulus measures following last year's Covid measures, the expected growth in gold demand (excluding gold purchases by the Chinese central bank) could be lower than originally expected at around 900 tons. The Fed is on pause, but future rate hikes weigh on gold prices. The Federal Reserve refrained from raising interest rates for the 11th straight week last week, opting instead to leave interest rates on hold at 5.25%. The dot-plot chart of Fed members' rate forecasts shows significant disagreement on the outlook for the second half of 2023. However, despite the pause in rate hikes on data showing falling inflation, the Monetary Policy Committee expects more before year-end Rate hikes by 50 basis points. The pause suggests that the Fed is more confident in a soft landing and wants to first assess the impact of the actions taken so far. Soft-landing hopes reflect sentiment around 2007, when then-Fed President Bernanke predicted a soft-landing after a pause in rate hikes, promptly followed by a 2008 recession and financial crisis. Gold prices initially reacted negatively to last week's rate pause announcement, falling more than 1% during and immediately after the press conference. Should further interest rate hikes follow, they should weigh on the price of gold. Real interest rates will continue to rise as inflation falls over the course of the year, reducing gold's appeal as a non-performing asset. At the same time, this should strengthen the dollar, putting additional pressure on gold prices. Unlike the Fed, the European Central Bank continued its fight against inflation by raising interest rates by 25 basis points, now at 3.5%, the highest level since 2001. At the same time, the ECB has revised upwards its inflation forecast for the next two years, which may indicate that there is further scope for higher interest rates. If interest rates continue to rise in Europe while the Fed waits, this could now result in a stronger euro against the dollar and a worse performance in euro-denominated gold prices. Gold closed just slightly below last week's level at $1,956/oz after hitting a one-day three-month low of $1,925/oz on Thursday.


El Niño threatens silver demand in India later in the year. The abnormal warming of Pacific Ocean waters, known as El Niño, typically suppresses rainfall during the Indian monsoon season, which is currently in its early stages. The monsoon season lasts from June to October and serves to fill up the water reservoirs for the rest of the year. During El Niño years, crop yields can fall, leading to lower incomes in rural communities. Rural areas in India are a major demand sector for silverware and jewelery and a drop in excess savings is likely to lead to lower silver purchases. Demand for silverware and jewelry in India was already expected to fall this year, following a sharp rise in demand last year due to strong pent-up demand following the coronavirus crisis and extensive retailer restocking. An insufficient monsoon could amplify this decline. Demand for silver (jewellery + silverware) could fall back to 2018 levels of around 70 million ounces (2,177 t) (source: The Silver Institute). The prospect of higher interest rates weighed on silver prices, which fell 4% from the previous week to $24.01/oz.

Trust comment:

While the gold/silver bugs are still awaiting rising gold/silver prices for years, it is still likely that gold and silver will finally be dragged down again as global liquidity continues to pull out of the markets due to the increasingly critical recession due to rising interest rates after decades.

The stock markets in particular have staged a strong bear market rally in recent weeks and the looming downside potential after this unusually strong recovery is immense. People are still talking about the biggest imminent crash in history, while digitization continues to advance. To be more precise: the draft law on the digital euro will be presented next week and the digital vaccination card has now been approved worldwide by the WHO. Pairing digital money with mandatory vaccination that is digitally controlled would be the final step in the enslavement of the populace, while efforts to create a cashless society that itself only holds communal property have been in preparation and progressing for years.

Only gold and silver real money!

At the latest when money is digitized, an alternative trading cycle with alternative money must offer people a way out, simply to ensure their own survival. This alternative can only be gold and silver and it is hoped that enough people will join the new trading system in gold and silver, including producers, to ensure the participants' survival.

The worldwide events (Trump indictment, strong military movements in the USA, the increasing dominance of the Russians in the Ukraine conflict and, last but not least, the increasing awakening of the population) suggest that a breaking point is no longer too far away. Rumors of an impending BlackOut or a financial black swan or other FalseFlag event would allow digital money to be deployed quickly and it is unclear when exactly this is prepared.

Due to the currently absolutely imminent risk of a crash in the markets, including the threat of bank failures, this could very well be soon. Even the Schumann resonance, which measures the earth's vibration, indicates strong Changes. On the left the normal vibration pattern, on the right the vibration pattern from 2 days ago.

The Ephraim National Gold & Silver Trust

offers the direct solution for a tradable money system in gold and silver for the current financial risks. Already 85 trust accounts are participating and trading their gold and silver backed certificates and gold and silver backed company shares of the trust companies.

The Trust today holds 450 lbs of silver and 4 lbs of gold and has produced 3 different editions of the 7.775g Silver TempleCoin, of which over 12,000 are already in circulation, used as currency by the nation of Ephraim and supporters of the Jewish Sanhedrin to be accepted in Israel. Thus, the trust has provided proof of its functioning.

The Ephraim National Gold & Silver Trust, for the reasons above, recommends that every reader increase their own holdings of coins or GoldSilver-backed Certificates due to global developments in order to remain tradable as the world moves into the next chapter the story goes.

You can order the current edition of the Silver TempleCoin here:

Here are some available copies of the gold edition of the Jewish year 5782

You can find our silver and gold-backed and tradable certificates in the Trust-Exchange on You can get access for a one-time membership payment of 100 euros plus the Ephi-Card access requirement for a one-time fee of 100 euros.

You can take out both together here.

Good luck!

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