Metals Minute 19: St. Patrick's Edition

Happy St Patrick’s Day, everyone! A great way to get into the green is to have some metal in your portfolio, and this week is no exception. Gold and silver are up 1% in the past week, to $1745 and $26.04. Platinum is up 4% to $1218, with palladium up 8% to $2525.

For 1-yr, gold is up 14%, silver is up 106%, platinum is up 83%, and palladium is up 53%. In our 2020 projections, we recommended taking some profit on palladium and platinum in December 2019 and looking for a re-entry point in 2020. One year ago was that entry point, and they have both done well. A major palladium and platinum mine in Russia is partially flooded, which has led to higher prices this week.

The Perth Mint from Australia is running short on silver, with Turkey, Poland, and others ramping up gold purchases. Underlying all these events is building inflation, acting as new support for gold and silver. For more detailed information on why I expect inflation to be one of the main catalysts for higher gold and silver prices, read this week’s article here.