If you watched the market on a daily basis this week, you saw some wild swings – especially in the silver market. But as for the week, it ended only slightly different from last week.
Let’s look at the charts.
First, there’s gold:
Next is silver:
Third is platinum:
Last is palladium:
Those are some odd charts to say the least.
All of the metals began the week on an upward trend from the previous week. Gold and silver continued upward to close higher on Tuesday, while platinum and pallidium dropped slightly on their Tuesday closing values.
On Wednesday, all of the metals closed down with all of them, except gold, losing much of their gains acheived from the previous week’s low point.
Gold went back upward on Thursday, but fell backwards at Friday’s close to end the week near the previous Friday’s values. Unlike the other metals, gold did not lose all of the gain achieved since its low point of the previous week which occurred at Thursday’s close.
Silver continued down on Thursday, but started upward again at the end of the week – the only metal of the four to end the week going upward.
Platinum also continued down on Thursday and again on Friday to match its low point of the previous Thursday at $1765.
Performing somewhat differently, palladium kept its value at Thursday’s close, but the metal fell sharply on Friday to achieve a new 30-day low closing value.
The charts include sharp peaks, razor-made valleys and do not relate that much to each other when you compare the charts to each other. But, that’s fair, the markets for the metals are different too.
Let’s review the highs and lows for the 30 day period. (Note: the highs and lows also include London AM and PM markets – not just the New York closing values.)
| 30 day high | 30 day low | May 13 Last | Difference between High and Low |
|
| Gold | $1,565.70 | $1,457.40 | $1,495.20 | 6.9% |
| Silver | $48.70 | $32.50 | $35.30 | 33.3% |
| Platinum | $1,873.00 | $1,755.00 | $1,765.00 | 6.3% |
| Palladium | $789.00 | $706.00 | $706.00 | 10.5% |
Once again, silver and palladium continue having the largest percentage differences in their high and low values for the 30-day period.
Let’s look at the week’s end performance in comparison to last week:
| May 6 Last | May 13 Last | Percent Change | Dollar Change |
|
| Gold | $1,495.40 | $1,495.20 | 0.0% | -$0.20 |
| Silver | $35.62 | $35.30 | -0.9% | -$0.32 |
| Platinum | $1,785.00 | $1,765.00 | -1.1% | -$20.00 |
| Palladium | $717.00 | $706.00 | -1.5% | -$11.00 |
All the metals were down from the previous week, but given the wild swings in values recently, the differences between the two Fridays are almost negligible.
Among coin dealers, there’s a wide range of opinions. Some think silver prices will go down significantly, others think it will go up to twice its current price, and still others think silver will settle in the $35-40 range for the next few months.
Some think gold is the better value, others think silver is the best investment.
Only time will tell which opinions are right.