Metals Minute 168: Omnibus $1.65 Trillion Buy Gold Bill
The metals were mixed this week as of this morning, with gold up 1/2% to $1,827, silver up 1% to $24.29, platinum down 2% to $1,030, and palladium down 11% to $1,768; more on why in a minute.
For the year, we have gold up 2%, silver up 8%, platinum up 9%, and palladium down 2%.
Palladium and platinum are down this week due largely to central banks continuing to raise interest rates, which has dampened growth prospects for the auto industry. This impacts palladium especially, as it is the most industrial-use-focused of the precious metals complex.
In other news we have Congress preparing to try and pass a $1.65 trillion spending bill with 4,155 pages, that no single member of Congress has read. The bill includes increases for both domestic and military spending, to the highest levels ever.
One thing the bill does not address however, is fixing or strengthening the Social Security retirement program. There are new provisions to expand the opportunity for individuals to save more for retirement using their own funds, but little to address the largest concerns of retirement savers such as inflation and monthly living expenses.
Reading between the lines of the 4,155 pages, the bill says “you’re on your own to deal with the inflation we are creating; better buy gold and silver…”