This week, it is gifting season for the metals, with higher numbers across the board. We have gold up 1.5% from a week ago, to $1,800. Silver is up 4.8% to $22.70, platinum is up 4.2% to $949, and palladium is 16% higher, at $1,855.
For the 1-yr timeframe, gold is down 3.2%, silver is down 9.9%, platinum is down 5.9%, and palladium is down 20%. Our 2022 Precious Metals Outlook discusses past projections and why next year is shaping up for higher metals prices.
As governments worldwide pocket billions from issuing negative-yielding debt, investors and savers are increasingly looking to physical gold and silver as a better store of value for their hard-earned dollars. Demand for physical metal continues to look strong going into 2022.
Record amounts of “Green Financing” are occurring in financial markets, but there is more effort in financing projects than there are projects. Resources have been siphoned away from gas and oil exploration. 2021 is a year of record-low oil and gas finds - lowest in 75 years leading to higher energy prices across the board, supporting precious metals.
Happy Holidays to you and yours!