Metals Minute 64: Precious Metals Price Update

Metals Minute 64: Precious Metals Price Update

Metals Minute 64: Precious Metals Price Update

February 2, 2022 352 view(s)

As expected, we have had a major paper smash operation against the metals beginning last Wednesday afternoon, but we have already begun to climb back. Still some ground to cover, but for the week we have gold price down 2% to $1,815, silver down 5% to $22.76, platinum down 2% to $1,045, and palladium up 2% to $2,402.

For the one year, we have gold down 1%, silver down 15%, platinum down 5%, and palladium bucking the trend on the one year up 6%.

 

While everyone is watching discussions about interest rates, I believe energy prices are more important. They will likely be moving higher in the months ahead, with a similar effect on the economy. Unfortunately, we are likely to see much higher prices for energy, food, rent/housing, and shipping all types of goods. Conflict with Russia will tend to raise energy prices further.

While the United States discusses sanctioning Russia financially, Russia just announced an end to ammonia sales (used to make fertilizer). Since they control 45% of this needed fertilizer ingredient, expect inflation to continue to soar for all food items as well.


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About the Author: Bill Stack

 

Financial Analyst of 29 years and Gulf War Veteran, Bill has been helping families nationwide keep their money safe and growing since 1993. As a Certified Financial Fiduciary® and a RICP®, Bill specializes in helping protect your assets with growth potential.