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Metals Minute 30: Gold Price Update

June 02, 2021548 view(s)

Gold and silver were mostly flat for the week, gold down a fraction to $1909 and silver up a fraction to $28.01. Platinum was down 1% to $1197, and palladium recovered from a short-term oversold condition to gain 3% to $2881.


For the last 1-yr period, we have gold up 10%, silver up 55%, platinum up 41%, and palladium up 45%.



Gold finished up 8% in May, for the best monthly performance since July last year, on inflation concerns. Silver also rose for the month, while platinum and palladium were down for the month.


Inflation has been discussed for a few years now but is acknowledged by statistics and mainstream economists. While the Federal Reserve has been targeting 2% inflation, official calculations indicate nearly twice that amount.


And we all know that official calculations don’t capture the actual inflation rates experienced by average Americans daily, as we wrote about here.


Another vital inflation to note is the difference between the physical and spot price of precious metals. The United States Mint recently acknowledged the global silver shortage in an alert to the public. 

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