Market Recap - March 28th 2023

It's been an exciting week for precious metals investors as gold and silver prices surged to their highest
levels since April 2022. On March 18th, gold closed at $1,988.11 per ounce, a gain of $66.70, or 3.47%.
Meanwhile, silver rose by $0.86 to reach $22.60 per ounce, up 3.94%.

The recent surge in precious metal prices can be attributed to global banking turmoil that started in the
US, which raised concerns about the overall weakness of the world economy. In response, investors
have been pouring into haven assets, including gold and silver, as a safe-haven investment. Additionally,
expectations that major central banks would soften their stance on inflation to avoid a severe recession
have also been supporting gold prices.

Despite some concerning economic indicators, such as the unexpected drop in US consumer sentiment
in March, the ECB decided to raise its policy rate by 50 basis points. The bank's decision came despite
the vulnerability of some European lenders, as it believes higher rates could improve bank margins.
Looking ahead, investors are now focused on the Federal Reserve's upcoming policy decision next week.
The market expects the Fed to deliver a more moderate 25 basis point rate increase, given easing
inflationary pressures and the recent banking turmoil.

According to Trading Economics global macro models and analysts' expectations, gold prices are
expected to trade at $1,844.68 USD/t oz. by the end of this quarter. Looking further ahead, it is
estimated to trade at $1,779.15 by the end of 2023.

All in all, it's an exciting time for investors in the precious metals market, and the recent surge in gold
and silver prices has been quite impressive. While the economic outlook is still uncertain, market
analysts remain cautiously optimistic about the prospects for gold and silver prices in the near future.