Gold is having one of its best weekly runs since March, up 4% since a week ago to $1,788, after being up 3% last week. Silver is up 2.3% to $22.07l, platinum is up 2.4% to $1,035, and palladium is up 10% to $2,150 on news of possible escalation in Europe as missiles strike Polish territory (a NATO ally).
Since a year ago today, gold is off 3.3%, silver is down 11%, platinum is off 3.2%, and palladium is down 1%.
With lower inflation readings and a weaker dollar, gold and silver have continued to ramp up. In fact, all the metals have moved higher for the last two weeks in a row. This comes amidst ETF selling in the gold space, which is sometimes viewed as a harbinger for future gold prices - time will tell. Implosion in crypto is also redirecting interest in physical gold and silver.
With gold at a 3-month high, we have central banks purchasing 28% more physical gold than last year (according to the World Gold Council), and the dollar is moving lower with speculation that interest rate increases may slow, also adding to gold’s luster. ETFs are for trading; physical metal is for owning.