Podcast: Play in new window
Precious metals experienced some small dips early in the week, but all jumped back up to steady levels, while silver rose over 3% from last week. The volatility continues with the dollar index down significantly.
Let’s take a look at where prices stand as of our recording on March 5:
The price of gold is flat at $2,915 from Wednesday to Wednesday. But gold dropped down to $2,832 in the beginning of the week.
The price of silver is up almost 3.5% at $32.70. It hasn’t broken into new territory, but it is looking strong after declining last week.
Platinum is also flat at $970, up just a few dollars from the prior week. But the price fell to about $929 intraweek.
Palladium is up 3.2% in the last week to $946.
Looking over at the paper markets…
The S&P 500 is down about 2% from our recording last week, currently sitting at 5838.
The US dollar is down over 2% to $104.03. It had the three worst trading days since 2022. A pretty significant reaction to economic and political news.
Trump Tariffs
Trump wanted tariffs and better prices at the gas pump, and so far he got his wish. His goal is to drive more domestic manufacturing and increase exports from the US.
And along with this, the US dollar has also weakened. OPEC has stated that they will increase production of oil, which will make consumers happy. However, it will also drive prices down globally, which does not bode well for domestic production in terms of prices.
Gold Shines in February
Looking at the monthly numbers, gold was the only metal that ended February in positive territory. Gold rose up 1.6% over the month, and it is 8% higher year-to-date. Meanwhile, silver lost 1.1%. Platinum ended the month down 4.3%. Palladium declined 9.3% in February.
When we look at charting trend lines, it appears that gold will likely trade sideways for a while or potentially go into a small correction. But it is unlikely to sink down to lows that we saw even just a couple of years ago.
In next week’s episode, we will dive deeper into precious metals market trends and what we predict will happen with gold in 2025 and beyond. Be sure to tune in next week.
Get Started With Gold
If you haven’t connected with a McAlvany Advisor yet, now is a great time to discover how gold can support your investment strategy. Our advisors are happy to speak with you about your personal investment goals and how to start adding gold ounces. Just give the team a call at (800) 525-9556 to get a complimentary portfolio review.
