Metals Minute 9: Elections and Precious Metals Supply
This morning the metals are taking a little breather, but even so it has been a strong week across the board.
For the week, Gold is up 3% to $1,940. Silver is up 4% to $27.44. Platinum increased 3% to $1,100.40, and Palladium tied with Silver, also up 4% to $2,453 for the week.
Looking back a year ago from today, Gold is up 24%, Silver is up 51%, Platinum is up 14%, and Palladium is up a solid 21% from one year ago.
While we have seen many external forces at work propelling the metals higher, we can also see some supply constraints on the horizon, both temporary and long term. Look for the main article this week that discusses this in more detail and how this will likely affect all four metals in the future.
We should have a better handle on how the election results from both November 3rd and January 5th later today and next week. But no matter who is seated in office at the end of this month, it continues to look like a great time to be in the metals. Continued debt increases and money creation related to the stimulus and pandemic are helping there.