The Friday Metals 07022010

Let’s see. Last week the metals’ values decreased supposedly because of the options coming due. What happened to the metals’ values this week?

Well, some of the people who closely follow gold claim the occurrences in the world’s economy this week made gold (and the other metals) fall in value. In particular, Greece made a payment against their debt. This in turn strengthened the Euro and made the metals decrease. Perhaps other domestic and world factors contributed as well.

Let’s take a look at the week’s charts.

First, there’s gold: 

30 Day Gold Performance 07022010

Silver comes next:

30 Day Silver Performance 07022010

Then, platinum:

30 Day Platinum Performance 07022010

Last is palladium:

30 Day Palladium Performance 07022010

The charts resemble outlines of mountains and valleys with the last week dipping into a valley. But, what do the value spreads look like for the high and lows over the last 30 days:

  30 day high 30 day low Jul 2 Last Difference between
High and Low
Gold $1,261.00 $1,199.40 $1,211.30 4.9%
Silver $19.37 $17.36 $17.87 10.4%
Platinum $1,605.00 $1,495.00 $1,500.00 6.9%
Palladium $502.00 $421.00 $431.00 16.1%

 

What about the change from last Friday to this Friday:

  Jun 25 Last Jul 2 Last Percent Change Dollar
Change
Gold $1,255.70 $1,211.30 -3.5% -$44.40
Silver $19.10 $17.87 -6.4% -$1.23
Platinum $1,569.00 $1,500.00 -4.4% -$69.00
Palladium $477.00 $431.00 -9.6% -$46.00

 

Generally when the economy experiences tough times, gold (and the other precious metals) increases in value. With both the global and domestic economic news less than positive for either inviduals or businesses, gold and the other metals should be increasing again soon.