Welcome to SurvivalBlog’s Precious Metals Month in Review, where we take a look at “the month that was” in precious metals. Each month, we cover gold’s performance and the factors that affect gold prices.
What Did Gold Do in March?
Gold saw choppy trade all month as safe-haven demand whipsawed between easing inflation and a global banking crisis. Prices bottomed out at $1,813/oz on Wednesday, March 7th, but were $100 higher a week later on the 15th. That $1,913 mark was the low for the rest of the month.
Futures hit an intraday high of $2,011 on the 20th, then broke $2,000 temporarily again on the 23rd and 24th. Intraday prices rose above $2,000 two more times on the 30th and 31st. Heavy selling in the futures market just before the end of trading on the 31st knocked prices down $20 from $2,005, as traders booked profits for the end of the month and the quarter.
In contrast, silver forged its own path this month, proving more resilient than gold due to support from the continuing shortage of physical supply. After bottoming out at $20/oz on March 9th, silver began a rally that topped out at $24.30 midday on the 31st.Continue reading“March 2023 in Precious Metals, by Steven Cochran”