Metals Minute 2: Platinum Had a Great Week

For the week, Gold, Silver, and Palladium were flat. Platinum had a great week, up 5.4% since last week. This moves Platinum out of the negative category for 1 year, meaning all the precious metals have shown a positive return for the last year.

For the year, Gold is up 27%, Silver is up 43%, Palladium is up 35%, and Platinum is up 4.3%.

From a technical standpoint, it looks as though momentum is currently drifting, with no strong indicators up or down. From this perspective, Gold, Silver, and Palladium may be flat for another week or so, with Platinum showing signs of taking a breather from it’s great run in the last week.

Copper was showing signs of economic growth, but now looks like it might be taking a breather as well, from a technical standpoint.

Looking at geopolitical and economic concerns indicates that current prices for Gold and Silver continue to be a relative bargain, with plenty of room for upside. Silver perhaps more so, with the added impetus of the transition to electric automobiles. Tesla being added to the S&P 500 Index indicates electric cars are here to stay.