Podcast: Play in new window
The long-term trend in gold and silver remains constructive, even if the path higher is uneven. Gold and silver both posted strong first-quarter gains, yet March delivered the kind of correction that tests conviction and rewards discipline.
Let’s take a look at where precious metals prices stand as of Wednesday, April 1:
The price of gold is up about 5.6% on the week, sitting at $4,768. That’s an increase of around 7% since gold hit the bottom.
The price of silver is up over 5%, sitting at $75.45. It’s moving back towards the middle of its big trading range.
Platinum is up 1.6%, sitting at $1,933 — still under $2,000 an ounce.
Palladium is up about 5%, currently at $1,453. It’s still sitting about $500 below sister metal platinum.
Taking a quick glance over at the paper markets…
The S&P 500 is up 0.5% from a week earlier, sitting at 6,577 points. However, the index put in a new low for the year during the week — down to 6,300, which was also about 10% down from the highs earlier this year.
First-Quarter Strength Still Matters
Gold ended the quarter up 8.1%, while silver gained 5.4%, despite a difficult March that erased a meaningful amount of the prior move. Platinum and palladium lagged behind, but the leadership from gold and silver still confirms that the metals complex remains healthy on balance.
That kind of performance matters because it shows the correction has happened inside a broader uptrend, not after one. In other words, the market is pausing, not breaking.
Technical Picture Says Consolidation
We see a potential trading range that keeps gold moving between roughly $4,100 and $5,100 in the near term, with $4,100 acting as an important support level after a bounce off the 200-day moving average.
That sort of structure is exactly what investors should expect in a strong market that needs time to digest earlier gains. If gold is building a base, the next major move could arrive after the market finishes this reset.
Stocks Are Looking More Fragile
The equity market backdrop continues to argue in favor of real assets. The S&P 500 has already broken to a new low for the year and remains below its 200-day moving average, which reinforces the idea that investors are still operating in a fragile environment.
It’s important to note that a 10% decline in stocks often does not stay contained for long. If the current equity weakness expands into a deeper correction, gold’s role as a portfolio anchor becomes even more important.
Silver Still Offers Torque
Silver remains the more volatile metal, but that volatility is part of its opportunity. The white metal is being driven less by retail enthusiasm and more by physical availability, strategic demand, and market structure.
For investors, that means silver still has the potential to outperform sharply when demand broadens. It also means silver remains a strong candidate for ratio trades that can eventually increase total gold ounces without adding fresh capital.
Stay The Course
The most important takeaway is behavioral: do not let short-term price swings derail a long-term plan. Bull markets often advance through sharp pullbacks, consolidations, and periods of doubt before moving higher again.
It can be challenging to resist the temptation to wait for the “perfect” bottom. But it’s important to continue to buy systematically, use weakness wisely, and focus on ounces rather than headlines. This disciplined approach preserves your purchasing power and provides security for the long run.
Claim Your Portfolio Review
If you are wondering how to position your portfolio in this environment, now is a good time to review your precious metals allocation. Whether you are looking to add physical gold and silver, evaluate a ratio trade, or discuss a precious metals IRA, the McAlvany team can help you think in terms of strategy, not speculation — and help you build a plan designed for the long term.
We are happy to speak with you about your goals on a no-obligation, complimentary portfolio review. Reach out to us at 800-525-9556.
