Just wow… Wow, wow, wow and wow…
Have you watched the dramatic increases in the metals this week?
Yes, they did drop back somewhat yesterday, but the Friday end-of-the-New-York-market-day numbers for all four metals closed higher than their Thursday fall back.
Let’s look at the charts. (Remember, these charts end on Thursday.)
First, there’s gold:
Next is silver:
Third is platinum:
Fourth and final is palladium:
Just look at the mountain climbing accomplished in the last 30 days. Amazing.
Generally when significant increases occur, people wanting to liquidate for profit force the prices down by introducing too much supply into the marketplace. Perhaps some profit-taking occurred over the last few weeks, but the metal prices still climbed.
Let’s look at the table values for the end-of-week close along with the metals’ highs and lows for the last 30 days:
| 30 day high | 30 day low | Oct 8 Last | Difference between High and Low |
|
| Gold | $1,359.50 | $1,244.00 | $1,347.00 | 8.5% |
| Silver | $23.38 | $19.65 | $23.22 | 16.0% |
| Platinum | $1,723.00 | $1,540.00 | $1,701.00 | 10.6% |
| Palladium | $601.00 | $518.00 | $584.00 | 13.8% |
Though they did not climb all the way back to their new 30-day highs achieved this week, all four metals started back upward to close the week higher than the above charts showed for Thursday.
Next, how do the metals’ close numbers for this week compare to last week:
| Oct 1 Last | Oct 8 Last | Percent Change | Dollar Change |
|
| Gold | $1,318.60 | $1,347.00 | 2.2% | $28.40 |
| Silver | $22.09 | $23.22 | 5.1% | $1.13 |
| Platinum | $1,675.00 | $1,701.00 | 1.6% | $26.00 |
| Palladium | $573.00 | $584.00 | 1.9% | $11.00 |
This week, gold made the most increase dollar-wise over the end of last week. But, look at silver. An increase of over a $1.00 in one week is rare.
Many people do believe silver is the better investment vehicle. Perhaps that belief impacted the increases this week.
With the November elections in just three weeks and with the daily economic news, the metals will continue their exciting ups and downs over the next few weeks.
Buckle up, sit back and enjoy the ride!