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Metals Minute 178: New Sanctions Raise Metal Prices

Metal Prices Soar Amidst New Sanctions Chaos!

March 02, 2023230 view(s)

We have gold 1% higher this week at $1,845, silver down 2% at $21.21, platinum up 1% to $972, and palladium off 3% to $1,477.

Since a year ago today, we have gold down 5%, silver down 17%, platinum down 9%, and palladium off 43% - beginning to look like a bargain.

Strong Chinese data indicates the fastest pace of manufacturing expansion since 2012. This information combined with interest rate increases worldwide have dented the dollar vs gold, as gold recovers from the worst monthly performance since June of 2021. So far, March is looking better than February for gold.

The Silver Institute has expressed an opinion about possible muted demand for silver in 2023, related to lower jewelry sales in India. But Randy Smallwood, Chair of the World Gold Council, recently stated that silver possibly offers a better investment opportunity than gold with the recent drop in silver prices.

With food inflation exceeding 11%, Americans may also be faced with higher base metals costs related to new sanctions against Russian metals and minerals due to take effect this month and next. The sanctions are expected to add 20% to the cost of metals such as aluminum and nickel. Owning gold and silver now can help cushion the blow of food and sanction inflation in the future.

 

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.

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