Another positive week for metals, with all four metals up handsomely for the week. Gold is up 2.5% to $1,989, silver is up 4.8% to $25.94, platinum is up 1.7% to $1,002, and palladium is up 6% to $2,429.
Looking back one year, we have mixed results. Gold leads the way, up 14%, silver follows up 2.2%, with platinum and palladium pulling back, down 14% and 10%, respectively.
The conflict with Russia continues to stoke inflationary concerns, helping lead the metals higher. Even Federal Reserve officials such as St Louis FED President James Bullard call it "fantasy" to believe the current slate of interest rate increases will tame inflation.
Given inflation's toll on consumer budgets, corporate profits, and real estate prices (higher mortgage rates lead to lower prices), precious metals are emerging as the go-to solution for both safety and growth potential.
Meanwhile, in March, real hourly wages have fallen, moving wages negative for 13 of the last 15 months. This means that wage increases are not keeping up with inflation. It is imperative to place savings in assets proven to hedge against inflation, such as gold and silver.
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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.