GMRgold’s Precious Metals Week in Review
Week Ending November 13, 2022
A week full of news, reports and events turned out to be the catalyst Gold has been waiting on to show some signs of life coming out of a summer of slumber. Monday was lack luster in trading for the yellow metal with low volume and an $11.00 loss. Tuesday morning, election day, Gold wasted no time in vaulting straight up $42.00 seemingly on the long reported Red Wave occurring by all media sources. By midnight it was becoming clearer that the House of Representatives was lost to Republican control and that the Red Wave was more like a ripple as the Senate was still in play.
On Thursday, with no significant news, Gold continued the climb, after the short breather on Thursday, rising $47.00 more dollars. Yawning at the Jobs Report on Friday, Gold closed the week of trading at $1,771.00, a 5% increase after the alarm clock. One way to make people love paying $4.50 for a gallon of gasoline, is to sell it to them for $6.00 for six months. The way to claim victory out of a lost election, is to convince people that the loss is going to be massive, then celebrate the seeming tiny loss. Silver stepped back from its independent performance and followed Gold lockstep in trading for the week. Opening at $20.85 and closing at $21.71 Silver continued its impressive run with 4% gain for the week. Silver stands the most gain as it is the more undersold and has fallen further behind in the physical premium than Gold has. It may be too soon to start counting chickens, but it sure looks like something may be ready to hatch.The world has been upside down for nearly 3 years and the direction for that period and what is to come has been largely uncertain. Perhaps a look back can help with the future.
11/13/2021 11/13/2022 YTD
DJIA 36,100.31 33,536.70 Down 9%
S&P 500 4,682.85 3,957.25 Down 18%
Bitcoin 57,834.36 16,826.00 Down 350%
Gold 1,859.70 1,771.72 Down 4%
Silver 24.83 22.01 Down 12%
The headline assets have been trending downward and making headlines as they do. The Precious Metals have held their own quietly as they always do and are trending up. It is always a good time to own Precious Metals in a portfolio. Sometimes are better than others.
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