The metals are mostly higher over the past week, with gold up a fraction to $1,722, silver up 1% to $19.31, platinum up 4% to $887, and palladium lower by 6% to $1,919. Gold is down 5% for the past year, silver is down 23%, platinum is 17% lower, and palladium is off 28%.
Most of the financial news this morning is negative, with stocks mostly lower due to concerns about earnings reports coming out later today.
War concerns seem to be growing as well, with indications the conflict may be expanding beyond the initial few provinces of Ukraine. China has also requested some manufacturers to shift production to military equipment, which has troublesome overtones for the Pacific region (perhaps Taiwan?).
June home sales numbers fell 5.4%, and mortgage demand dipped to a 22-year low. We are seeing housing prices beginning to drop in many areas. With interest rates rising, many who could sell will not due to the unfavorable mortgage terms available on the next house vs. the one consumers already have. Gold and palladium continue to lead the way YTD, with silver and platinum following closely.