Happy Thanksgiving, everyone! As we mentioned last week, a metals smash-down was planned related to options expiry this week. Hopefully, you could take advantage of the effects of this to pick up some metals on sale. For those shopping during the Thanksgiving holiday weekend, keep that in mind - some of my clients have been purchasing ounces and bars of silver and gold to give as meaningful gifts for Christmas.
The smash-down was effective, but I expect it to be short-lived. Since last week, gold is down 4% to $1,795, silver is down 6% to $23.62, platinum is down 8% to $989, and palladium dropped the most, down 14% to $1,891.
Since a year ago, gold has been down a fraction, silver is up 1.4%, platinum is up 2.5%, and palladium is down 20%. Due to palladium’s run, it had much farther to drop.
All the dynamics are still in place for higher metals prices due to an ongoing investment rotation into commodities. Among the commodities space, the most significant values are in the energy and precious metals sector. Higher energy prices act as a rising floor beneath precious metals.
About the Author: Bill Stack
Financial Analyst of 29 years and Gulf War Veteran, Bill has been helping families nationwide keep their money safe and growing since 1993. As a Certified Financial Fiduciary® and a RICP®, Bill specializes in helping protect your assets with growth potential.