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This week, we see a small bump up in gold and a stronger move up in silver.. Let’s take a look at where prices stand as of October 23:
The price of gold is up about 1.5% or $40 from last week. However, gold did hit a mid-week high at $2,750.
The price of silver is up 6.5% from a week earlier. At one point on Tuesday, it was up over 10% since our recording last week.
Platinum rose up about 2.25% from a week earlier. It is still hovering right around the $1,000 per ounce mark.
Palladium up about 3.5% and hovering just above $1,000. So still looking pretty close one to one between platinum and palladium and staggering discount compared to gold.
Copper’s Move Spells Trouble
Copper’s short term chart makes it look like this commodity is trending down. But if you pull out the chart and look back year to date, or even a full year, it looks like copper is having an upper compression. It’s a similar pattern that you can see in another metal — gold. If there’s something comparable in the way copper is moving, you could see copper reaching a high of $7 per ounce vs $3 per ounce just a couple of years ago.
Copper acts as a canary in the coal mine. A rise in the price of copper is the first indicator of an increase in the cost of production and the cost of living globally. And while the S&P 500 continues to rise, it could be simply an inflation driven market push.
Gold = Inflation Protection
When you want to protect your purchasing power from inflation erosion, gold is your best ally.
Now is the time to reach out to a trusted McAlvany advisor for precious metals investing advice. They are happy to speak with you about your investment goals and strategy for investing in gold and other precious metals. Reach us at 800-525-9556
