Metals Minute 170: “Off To a Good Start”
Gold, silver, and platinum are off to a good start this morning, and higher for the week. We have gold up 3% to $1,866, silver up 2% to $24.45, platinum up 6% to $1,110, and palladium down 4% to $1,798.
From a year ago today, we have gold up 3%, silver up 6%, platinum 13% higher, and palladium off by 5%.
Gold is holding near 7-month highs this morning so far, as the dollar and US Treasury yields decline. We have a lot of news this week that may impact the metals, such as the Manufacturing PMI report for December due out this morning, and the FOMC Minutes this afternoon. The FOMC report may give further clues about the pace or intensity of future interest rate increases, or more information about what might cause them to pivot.
Then tomorrow (Thursday) we have the ADP Employment numbers being reported, followed up by Non-Farm Payrolls on Friday. These metrics will help us understand if hiring is growing or slowing, which will also impact future interest rate policy and government spending projections.
All these variables can impact gold and silver prices in the months ahead; stay tuned…