Welcome back to our weekly precious metals market update, where we provide you with a comprehensive overview of the performance of gold, silver, platinum, and palladium. Whether you are a seasoned investor or someone considering precious metals as an investment option, this update will equip you with valuable insights into the recent performance of these timeless assets.
Gold opened the week at $1,925.00 and closed the week at $1,848.00. With Gold being flat for the year, it joins other markets including the Dow Jones Industrial Average which has tumbled to within 1% of where it started the year2023. The markets are struggling to find direction. Every single report that has come out this year from the Biden Government has been revised downward. Revisions are commonplace with statistics but 100% downward is awkwardly confusing to traders and analysts. Gold typically comes out of its summer hibernation between the beginning of August and the end of September.
One only has to look to last February when Gold lost its value in similar fashion down to $1,811.00 only to rally the following month to $2,044.00. We are staring a literal tsunami of events right in the eye. The United Auto Workers strike, resumption of Student Loan payments, A Q2 GDP that as aforementioned was just revised downward from 1.7% to .8%. The current price of Gold is an unexpected gift that should be taken advantage of before the waves come crashing ashore in the form of truth filled headlines.
Silver has suffered the same damage as Gold recently though not to the same extent. Opening the week at $23.56 and closing on Friday at $22.18. The last year has revealed that Silver’s respectable growth has been due to investor attention. With the equities market suffering recent losses there are not many places to go to cover margin calls.
The Precious Metals universe has provided profits that can be tapped into to cover those speculations. The physical premiums on Silver remain above normal but are holding steady. The consensus among experts and analysts in the Precious Metals space is that Silver and Gold are both undervalued and higher prices are expected through to the end of the year.
Platinum and Palladium were both down for the week. Platinum opened at $931.00 and closed at $908.00 while Palladium fared slightly better starting the week at $1,255.00 and finishing at $1,251.00. The Platinum family of metals will remain in this tight trading range until there is some news on the horizon about a Global Recovery in manufacturing.
The next few trading days are critical for both Silver and Gold. When corrections occur in any market, the purpose is to clean out the careless longs, and shake loose the weak hands. There is some technical evidence that the washout is coming to an end which will allow resumption in Precious Metals’ more appropriate response to the economic news that surrounds us daily.
Make no mistake, Bidenomics is not working, and whatever it should be called is creating a problem that will take years to correct. There is never a bad time to acquire Gold and Silver. But some times are better than others.