Metals Minute 119: New Bullion Exchange

Metals Minute 119: New Bullion Exchange

Metals Minute 119: New Bullion Exchange

July 27, 2022 88 view(s)

As of 8:10 AM CST today we have 3 out of 4 metals higher for the week, with gold up a fraction at $1,725, silver down 2.4% to $18.84, platinum up 1/2% to $892, and palladium up 7.6% to $2,065.

A year from today, we have gold down 4.1%, silver down 23.8%, platinum down 16%, and palladium 21% lower. Still expecting a positive outcome from the metals for 2022. So far, YTD, an equal portfolio mix of gold, palladium, platinum, and silver, would be at -4.2%, which beats a portfolio of major stock and bond indexes or cryptocurrencies.

 


Today we have the Federal Reserve interest rate announcement scheduled to begin at 2 PM ET; my guess has been an increase of 0.75% - we’ll see what happens.

In other news, India has announced a new bullion trading exchange scheduled to open in 2 days to give India a larger voice in how bullion is priced worldwide. Gold plays a major role in Indian society. India had domestic demand for gold of nearly 800 tons in 2021. Zimbabwe is also rolling out gold coins to their commercial banks to help the population have the means to reduce the effects of inflation.

 

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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.