Metals Minute 147: Banks Down, Gold, Silver, and Other Metals Up

Metals Minute 147: Banks Down, Gold, Silver, Other Metals Up

Metals Minute 147: Banks Down, Gold, Silver, and Other Metals Up

October 3, 2022 68 view(s)

All the metals were higher this morning, gold up 1/2%, platinum up over 2%, palladium 3.5% higher, and silver up almost 7% this morning amid a silver short squeeze.

Part of the concerns moving the metals higher is in the international banking system, with Credit Suisse down 10% in early trading. The bank is attempting to raise capital while shuffling and restructuring other operations. Bank watchers have expressed concern for weeks as share prices have trended lower (75% +/-) over the last year and a half.



Inflation is still of concern this winter, including here in the United States. Energy prices are expected to rise nationwide for the winter heating season due in part to American energy being exported to help Europe deal with more acute energy shortages.

Fuel costs have risen again across the United States, with gasoline over $7/gallon in parts of California. Fuel inflation tends to bleed through to reinforce/create inflationary pressures in all goods and services, increasing the costs of transporting all items.

Our best estimates for the 2023 Cost of Living Allowance to seniors will be 8.6-8.8%, the highest since 1981.


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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.