Gold prices are up 0.32% compared to last Wednesday. The yellow bullion was priced at $1,894/oz 7 days ago and is currently priced at $1,899/oz. The metal broke past the $1,900/oz for a second time since last week and experienced highs of up to $1,918/oz, the highest price recorded in 21 weeks. Gold also experienced lows of $1,886/oz.
Silver had a good week jumping from $27.16/oz last Wednesday to $27.83/oz at the time of writing. This translates to a 2.45% increase in price. The white metal experienced highs of $28.66/oz and lows of $27.52/oz.
Platinum is level with its price 7 days ago and once again ends the week below the $1,190/oz price tag at $1,186/oz. Platinum prices experienced highs of $1,208/oz and lows of $1,171/oz. Currently, the metal is level with its mid-April pricing.
Palladium is finally up this week after being on a constant downward trend that started on May 4th. The metal finds itself priced at $2,877/oz, 1.19% higher than 7 days ago when it was priced at $2,843/oz.
Rhodium made recoveries amounting to 8.82% after it lost nearly 20% of its value last week. The Nitrogen Oxide reducing metal is currently priced at $25,300/oz, up from its price of $23,250/oz last Wednesday.
For the last few weeks, the US has been releasing economic data that has exceeded expectations and shown economic recovery to be on the right path. This week, again, data released exceeded the consensus forecast. The US ISM manufacturing data, used to measure the change in production levels across the US economy from month to month, hit a PMI of 61.2, up from its forecast of 60.9. All this positive economic data has sparked speculation regarding taper talk. The US Dollar Index (DXY) has ceased its downtrend privy to this news and is now on a very slight uptrend above 90. This positive data has not had that large of an impact on strengthening the DXY and weakening gold prices.
Silver has not performed as well as other commodities which have reached all-time highs lately. Copper, Rhodium and Palladium have all benefit from bullish runs, yet Silver has only slightly topped Gold’s rise. Currently, Silver is being traded as a value asset instead of an industrial commodity, of which most are up. As a long-term investment, Silver seems to have the right assets to experience that kind of growth. It is dubbed as the “best conductor of energy”, and paired with the rise of renewable energy it is inevitable that Silver’s industrial growth will deluge into its pricing. Usually, countries that have an abundant amount of energy are wealthy. If that is the case, “Silver [would become] the most important material”.