Metals minute 176: States Supporting Gold & Silver
There’s a sale going on this week, with all the metals lower. Gold is down 2% to $1,841; silver is off 4% to $21.76. Platinum is down 8% to $928, and palladium is off 11% to $1,493.
From a year ago today, gold is down 1%, silver is down 7%, platinum is off 10%, and palladium is 34% lower.
The Royal Canadian Mint has laid off employees at their Winnipeg facility, which makes all their circulation currency coinage. The facility also makes circulation coinage for 70 other nations. The reason given was scaled-back operations due to disruptions in demand related to the pandemic and other geopolitical concerns. The phenomenon is said to be “temporary,” which sometimes means 50+ years. It is another possible indication of the powers that be moving towards a cashless society, making owning gold and silver more important.
China increased gold imports by 64% in 2022, further cementing its status as the largest gold-consuming nation on the planet.
Several states have introduced legislation to exempt gold and silver from sales tax and income tax, acknowledging gains as the inflation protection provided to those who own the shiny metals. Lower prices today provide just such an opportunity for future gains.