Metals Minute 56: Volatile Omicron Virus
Metals have had some volatile moves this week, as the markets are trying to digest the effects of the Omicron virus variant. Additionally, China is refusing immediate entry of crews from various container ships, which will prolong and further impede supply chain issues and product availability worldwide.
Combined with that, we have the approaching possibility of a temporary government shutdown (again) over disagreements in Congress about the debt limit and vaccine mandates. We also have FED Chairman Jerome Powell admitting that “transitory” is probably not an accurate word to describe inflation that seems to be growing and may last longer than first indicated.
While these conditions all contribute to the stagflation that is building all around us, we occasionally have bargains available, such as right now.
For the week, gold is flat at $1,793, silver is down 4.3% to $22.60, platinum is down 3.3% to $956, and palladium is down 5.4% to $1,788.
For the one-year time, gold is down 1%, silver is down 5.9%, platinum is down 4.8%, and palladium is down 5.4% from a year ago today.
It is an excellent time to stock up on essentials for the immediate future and precious metals for the intermediate future.