The metals were evenly mixed for the week, with gold down 0.5% to $1,665, silver up 1.6% to $20.09, platinum up 1.3% to $970, and palladium off 3.4% to $1,950. Since a year ago today, gold is -6.9%, silver is -14.8%, platinum is -7.4%, and palladium is off 3.6%.
Wall Street has already revealed what they expect the FED to say later today when interest rates are likely raised another 0.75%.
Meanwhile, there is record gold buying on behalf of central banks worldwide. The previous quarterly record of 241 tons of gold purchased was eclipsed in the 3rd quarter of 2022, with 400 tons purchased. 25% of central banks surveyed expect to continue adding to gold bullion reserves in the coming months.
While gold has been one of the strongest performers in 2022, relative to most other asset classes (except oil), it has experienced the longest decline in price since 1869. October ended the 7th consecutive monthly decline. Best performing incredible bargain, indeed; no wonder there is record demand for physical gold.
Rumored lockdown policy changes in China have silver climbing. 84% of global solar panel production (which requires silver) is done in China.
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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.
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