Metals Minute 71: Gold Price Hits Two Thousand Per Ounce

We breached a $2,000 gold price over the weekend along with record palladium prices, and as expected, there was an avalanche of paper selling this morning to try and tamp down the price a little bit. We continue to be in an upward trend, with the tamped-down price still higher than the last update on Friday. Rest assured, we will see these kinds of short-term efforts each time gold rises significantly, and you can possibly use it to your advantage for additional precious metals purchases.

Over the last few days, there has been pressure on the Biden administration and Congress to stop importing Russian oil. Oil has hit a higher price than last week, worth discussing as it impacts precious metals. But we need heavier oil from somewhere to mix with our own to create the correct oil consistency for refining purposes.

Oil prices will likely be a temporary high as there is no quick or easy solution to the energy, commodity, or gold/silver deficits we currently see. Use the paper selling as an opportunity to purchase physical metal.