Metals Minute 43: Market Update

We’ve had another up week for all the metals, with gold up 1% to $1,820, silver up 1% to $24.03, platinum up 1.5% to $1,021, and palladium up 1.2% to $2,515 an ounce.

The numbers for 1-yr are mixed, with gold down 7.6%, silver down 14.6%, while platinum is up 8%, and palladium up 10%, since a year ago today. Presenting an interesting buying opportunity for gold and silver.

Following the recent speech at the Federal Reserve, not only have the metals moved higher, but so have many of the projections offered by investment banks and securities firms. Analysts are calling for $1,900 gold in the coming months, while I believe it will exceed that handily by year end.

The Baltic Dry Index, an index of shipping costs, has tripled since the beginning of the year. The index will be a factor for price inflation on many goods imported to the United States in the months ahead. Container space is at a premium right now due to worker shortages at ports worldwide facing quarantine.

In Afghanistan, the Russian Ambassador has voiced concern about Afghani gold secured in New York being used to benefit the people of Afghanistan. Even though we left pallets of cash, it is the gold that provides economic strength and security for a nation and us as individuals.