Prices and Charts
NZD Gold Continues to Consolidate Above Uptrend Line
Gold in New Zealand dollars was up around $11 from a week ago. It continues to consolidate above the rising blue trendline. If this consolidation fails, then the next buying zone to watch for would be the support/resistance line at $2700. Below that would be the 200 day moving average, which is currently at $2643. But this current area is likely to be a good place to begin making purchases.
Silver Going the Other Way – Down 1.5% to Retest the Downtrend Line
Meanwhile, silver in New Zealand dollars went in the opposite direction to gold. Down 56 cents from 7 days prior. Silver now sits right on the downtrend line of the wedge that it broke out of in February.
It is not a big surprise to see it retest this break out. Something we have been saying to watch for over the past few weeks. It could still dip lower to the 200 day MA or even down to the blue uptrend line. But like gold, between here and those points is likely to be a good long term buying zone.
Kiwi Dollar Still Hovering Around the 200 Day Moving Average (MA)
The New Zealand dollar is down 14 basis points from last Wednesday. The Kiwi continues to hover around the 200 day MA at 0.69. After a consolidation we could yet see it push up to 0.70 which is the top of the downtrend channel. That will likely be tough resistance. With the likes of the USA and now Australia looking to also finally raise their interest rates, this could be a headwind to larger NZ dollar gains.
Need Help Understanding the Charts?
Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:
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Has Russia Just Put a Floor Under Gold?
Last week we discussed how the USA and other countries blocked Russian use of the SWIFT international payment system. Then went even further by freezing around $300 billion of Russia’s $640-billion gold and forex reserves.
Call Putin what you will, but he does seem to be as cunning as a weasel.
Last week Russia announced a kind of financial counterattack. With the central bank announcing that it will between now and 30 June purchase gold from local Russian banks at a fixed price. What are the implications on the gold price of this move?
In this week’s feature article we look at a number of opinions on this move. It covers:
- What is the Rationale Behind Russia’s Fixed Gold Price?
- A Reminder of the U.S. Response to the Great Depression
- Ronan Manly in ZeroHedge Calls This Move “A Paradigm Shift Western Media Hasn’t Grasped Yet”
- What Will Happen on June 30?
Your Questions Wanted
Remember, if you’ve got a specific question, be sure to send it in to be in the running for a 1oz silver coin.
February Winner
We forgot to announce the winner of the coin for best question in February. It was Gary with this one:
Watching our dollar fall is puzzling me. I thought that NZ was well regarded with respect to covid control and exports making our country relatively stable financially. Yet we have lost approximately eight cents in the last year, to 2016 levels, and the trend seems to be pushing us lower to the dark days of 2020 when we briefly dipped to below sixty cents.
Is there a reason for this, I seem to be missing something?
And here was our answer in case you missed it: Why is the NZ Dollar So Weak When We Are Supposed to be Doing Well in Terms of Covid?
What You Need to Know about Silver Bars
Silver has certainly increased in popularity. Over the last 6 months or so we have definitely seen an uptick in people interested in buying silver.
If you’ve been thinking about buying silver, then check out this post which explains all you need to know about silver bars.
Then if you you’d like a quote for silver bars, coins or even gold, Please get in touch…
- Email: orders@goldsurvivalguide.co.nz
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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Last week Russia’s central bank announced a major change. It will now purchase gold from local banks at a fixed price. What are the implications on the gold price of this move? Kitco reported: …the Russian central bank will pay a fixed price of 5,000 roubles ($52) per gram between March 28 and June 30, […]
A lot of people new to investing in precious metals immediately leap to gold. However, the market and opportunities in the silver industry are equally as deep and interesting for people at any stage of their financial journey. They’re worth exploring to have a full understanding of the options they have. Why People Invest in […]
The uncertainty brought about by COVID-19 highlighted the important role that cash plays in times of economic uncertainty. Now recent moves after the Russian invasion of Ukraine also make us think about the role of cash and then also silver coins in a currency crisis… International Reaction to Russian Invasion to Speed Up the End […]
What is the gold silver ratio? Why is the gold silver ratio still at very high levels? In this post you’ll learn: What is the Gold Silver Ratio? The gold silver ratio is simply the price of an ounce of silver divided into the price of an ounce of gold. The resulting number shows how […]
