Another interesting week on the metals’ market…
Three of the metals trended along similar paths ending the week on an up note. The fourth metal acted somewhat the same, except it ended the week on a down note. All four metals closed at week’s end above the previous week’s close.
Let’s look at the charts.
First, there’s gold:
Next is silver:
Platinum is third:
Fourth is palladium:
For gold, the previous week ended with a trend upward, however it closed down on Monday of this week. On Tuesday, the yellow metal went back upward to fall again slightly on Wednesday. Thursday’s close was a small increase over Wednesday by $1.20. On Friday, gold’s value increased dramatically, not quite to the previous week’s new high but close.
Though on a smaller scale, silver performed like gold to a degree. It closed the previous week trending upward but fell at Monday’s close. Tuesday’s silver market increased, and unlike gold, continued to increase on Wednesday. Thursday’s close was virtually the same as Wednesday’s. But, on Friday, like gold, silver made a sharp increase in value – not to a new, recent high, but a significant growth.
Trending somewhat similarly, platinum’s ups and downs have not been quite as dramatic as the gold and silver charts. Like its counterparts, platinum started the week down from the previous Friday’s close. On Tuesday, platinum started back up only to drop back on Wednesday (like gold). Thursday’s close had platinum increasing a small amount, $2.00. At the end of the week, platinum started back upward – just not quite as dramatically as gold and silver.
The odd metal, palladium, has been performing differently as can be readily seen in the charts. Though, palladium, like the other metals, started the week down from its previous Friday’s closing value. On Tuesday, the metal grew significantly which continued with another slight increase on Wednesday. Thursday’s market kept the same price before falling on Friday back to Tuesday’s closing value.
Let’s look at the overall highs and lows for the rolling 30-day performance:
| 30 day high | 30 day low | Sep 2 Last | Difference between High and Low |
|
| Gold | $1,898.10 | $1,648.80 | $1,884.20 | 13.1% |
| Silver | $43.72 | $37.71 | $43.25 | 13.7% |
| Platinum | $1,901.00 | $1,700.00 | $1,878.00 | 10.6% |
| Palladium | $824.00 | $714.00 | $773.00 | 13.3% |
None of the metals achieved new high points this week, however palladium’s high decreased as the previous high moved off the 30-day rolling period. Gold’s low changed, too – it increased as the previous low moved off the chart.
Look at the percentage differences in the highs and lows for the 30-day performance period. They are still in the double digit range.
Let’s compare the week-over-week numbers:
| Aug 26 Last | Sep 2 Last | Percent Change | Dollar Change |
|
| Gold | $1,829.10 | $1,884.20 | 3.0% | $55.10 |
| Silver | $41.50 | $43.25 | 4.2% | $1.75 |
| Platinum | $1,829.00 | $1,878.00 | 2.7% | $49.00 |
| Palladium | $756.00 | $773.00 | 2.2% | $17.00 |
This week, gold wins the largest dollar increase while silver wins the largest percentage increase. Once again, gold ends the week higher than platinum.
But, gold followed platinum through the rest of the week:
| mon | tues | wed | thu | fri | |
| gold | $1,788.50 | $1,835.10 | $1,824.20 | $1,825.40 | $1,884.20 |
| platinum | $1,820.00 | $1,851.00 | $1,843.00 | $1,845.00 | $1,878.00 |
Even though gold ended the previous week higher than platinum by $0.10, it fell further on Monday and stayed behind until the Friday market. This will be interesting to watch.
Did the news for September jobs create the end-of-week spike in the metals? Or, since the metals’ market is global, did the increase reflect a bigger, world economy reaction?
Monday’s market should provide some insights as the American markets will be closed for a holiday while the Asian and European markets will still be trading.