Metals Minute 165: Best Month Since 2020

Metals Minute165: Best Month Since 2020

Metals Minute 165: Best Month Since 2020

November 30, 2022 114 view(s)

All four precious metals are higher over the last week, with gold up 1% to $1,764, silver up 2.2% to $22.00, platinum up 4.2% to $1,056, and palladium up 1.2% to $1,966.

Since a year ago today, we have been evenly mixed with gold down 0.50%, silver down 3.8%, platinum 11.6% higher, and palladium up 12.4%.

 

 

Central banks have been purchasing gold at a rate not seen since 1967, when the US Dollar still had some official gold backing.  Concerns about inflation and devalued financial reserves have renewed interest in the yellow metal, as nations look for ways to diversify their holdings.  There is also continued carnage in the crypto markets, as ECB officials claim Bitcoin is on the road to irrelevance.

In the face of an expected speech today by Federal Reserve Chairman Jerome Powell due to begin at 1230 CST, platinum is having it’s best month since February 2021.  Silver is having the best month since December of 2020, and gold is showing the best monthly performance since July of 2020.  Palladium is also up solidly for the month, as market watchers expect Chairman Powell to hint of slightly lower interest rate increase at the next meeting in a couple weeks.

 

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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.