Metals Minute 16: Precious Metals Show Resilience
The metals have powered through a lot of selling pressure this week, with bullion banks selling paper into the options expiry season. We have gold up 2% for the week to $1815, silver up 3% to $27.95, platinum up another 2% to $1281 (more on platinum in just a minute), and palladium holding steady for the week at $2407.
The one-year numbers show gold up a solid 9%, Silver up a roaring 50%, platinum closing in at 32%, with palladium down 9% after the run-up it had over the last two years.
Platinum is getting some positive action this year and leads the pack at 20% YTD, followed by silver at 6% YTD. We projected these two metals would likely lead the way for 2021, and so far, they certainly are.
We have an article released this week that discusses platinum's performance and opportunity more fully for your consideration.
We also see many warning indicators from the stock market, such as the Buffet Indicator, increased selling by insiders, margin debt increases, and the level of market equity to GDP, all suggesting that a correction may be forthcoming in the coming weeks. Let the investor beware and consider the relative security of owning precious metals. See you next week!