Metals Minute 5: Gold Up
In spite of a higher Dollar, most of the metals rounded out another good week. Gold finished the week up 2%, with Silver up 1%. Platinum climbed another 2% for the week, but Palladium gave up most gains from last week, dropping back down 3%.
Looking at the 1-yr time frame, Gold is up 28%. Silver takes the prize so far, up 49%. As mentioned last week, Platinum has pushed forward for the 1-yr period, currently up 10%, with Palladium up 25%.
The Dollar index has been up recently but is still performing at a -6% for the year so far. Despite recent strength, I believe we will see the Dollar continue to move lower in the coming months due to more COVID 19 related stimulus measures and general deficit spending increases in 2021.
Currently, you are looking at premiums over spot whether buying or selling American Eagles due to the demand for physical metals, which appears set to continue. Be watching next week for what we see ahead in our 2021 Precious Metals Outlook. All in all, it is looking like another great year for the metals.