Here’s our weekly recap of the precious metals markets for May 24. As of this recording, here is where precious metals stand:
The price of gold is $2,341, down $47 or 1.97% from our recording last week.
The price of silver is $30.51, up $0.81 or 2.73% from last week’s recording.
The price of platinum is $1,019, down $46 and 4.32% since last week.
The price of palladium is $955. It’s down $55 or 5.44% but still sitting below platinum.
Looking over at the markets as a whole, the stock market is hanging in there.
The S&P 500 is at 5268, down 39 points. That’s 0.73% since last week’s recording.
The dollar is at $104.99, up 0.96 points in a week. That’s a little under 1%.
and let’s take a quick look at that recap because we’re seeing quite a lot of movement across the board here.
Why is The Gold Price Up?
Relative weakness in the US dollar has made gold shine this week. And as you would expect, other precious metals have rallied as well.
Typically, precious metals move independently from the broader markets. They are seen as safe-haven investments that are usually favored amid market uncertainty. But that’s not what’s happening today.
Markets Bet on Rate Cuts
Stocks are performing relatively well, reacting to recent Fed hints at cooling inflation. The S&P 500 has rallied 2.3% in a week, and the Dow Jones Industrial Average has broken through to new highs.
New data shows that the Consumer Price Index rose 0.4% from a month earlier, and the Producer Price Index rose up 144.06, up from 143.32 a month earlier.
Paging Doctor Copper
Copper has been on a rally this year, up 26% since the beginning of the year. The metal is often seen as a barometer for the strength of the economy, because it is used as a fundamental material in many industries — including construction, electrical equipment, and transportation.
With copper, oil, gas and other commodities on the rise, the economy may be strong. but inflation hasn’t gone away.
Metals: Your Inflation Hedge
If you want to preserve the purchasing power of your hard-earned dollars, gold is the safe-haven investment for you. Tune into this episode to get all the details of our team’s analysis.
With low US demand, now is the time to buy gold. Get in touch with your McAlvany advisor to get personalized strategies for your precious metals investing plan.
