The gold price is up another 2% since my last update on May 1st, trading today at $1736/oz USD. Analysts are making bullish predictions for the price almost daily and the ETF inflows have been net positive for the last 20 trading sessions.
Although gold and silver both experienced a bit of a dip this week, retail demand for physical products remained strong.
Last week saw the market lose yet another major producer to the COVID virus. The United States Mint, North America’s largest producer of gold and silver bullion products, announced the closure of its West Point, New York facility on Wednesday, due to concerns for their workers’ safety.
This past week was very positive for the precious metals. Not only were prices for both gold and silver up significantly, our industry has also had the chance to catch its collective breath following ‘March Madness’.
This week was a continuation of the ‘new normal’, which is anything but normal. COVID continues to complicate our work and personal lives, including the precious metals supply chain.
Written by Mark Yaxley, General Manager, Strategic Wealth Preservation. These have become regular weekly updates, which we will continue delivering to you until the precious metal market begins to settle back into normality. Please enjoy these nuggets of information until then. Price Action Gold closed last week at $1484/oz. A week later, the yellow metal…
I don’t generally comment on the markets unless I feel we’ve reached a critical point. My last communication with regards to the state of the market was back in September 2019 when I said that I believed we were entering the early stages of a precious metals bull market
One of our long-time clients recently submitted a question to our experts: What is the ideal ratio of metals to hold to weather the economic storms on the horizon?
Admittedly, Las Vegas is not my favorite place in the world. There are many other cities where I’d rather spend my free time. But out of necessity, I do find myself there fairly regularly, and if nothing else, Sin City has provided me with two very valuable life lessons, which can be applied to either gambling or investing in precious metals.
Gold and silver are experiencing an impressive rally at the moment. This is all good news for precious metal investors, who have been waiting a long time for this rally.