Here’s our weekly recap of the precious metals markets for June 13. As of this recording, here is where precious metals stand:
The price of gold is flat at $2,326, down 1.2% from last week. Though it had a 4% decline on Friday, between this week’s and last week’s recordings.
The price of silver had declined to $29.74 per ounce, about 1%. But it had a significant 7% rise and fall last Thursday and Friday.
Platinum is currently $967, down 3%. It continues a significant 3-week decline with no significant short term movement.
Palladium is at $922, down 1.5% this week, declining significantly since May 20th.
Hindsight is 20/20
McAlvany’s numismatist made a bold statement about 15 years ago saying, “What if the Dow Jones Industrial Average reaches 20,000 and nobody cares?” At the time, the DJIA was around 11,000. Our team had the foresight that the economy was moving in the direction of increased inflation.
And now, the DJIA has reached all-time highs and has broken through 38,000 — that’s more than triple the levels of when we predicted the move.
Gold Entry Points
Friday was a major down day, and that was the opportunity our team was waiting for to move into gold. On Friday, gold came off around $2370 all the way down to just right around $2300.
While there has been some volatility, it doesn’t look like it week over week. Any downturn that we’re seeing in gold does not turn into slumps that last a month or two. They are one or two-day events.
Our Predictions for Gold
During the financial crisis of 2008, the price of gold fell from $1000 per ounce to around $700 per ounce. Investors were dumping gold. But the downturn was short lived. From around June 2009 to mid 2011, gold more than doubled to over $2500.
We are seeing the same patterns in gold happening right now. We foresee that gold will just continue to rise in price, so the best time to get into gold is today.
A McAlvany advisor will work with you to find the perfect entry point so that you can take advantage of this once-in-a-lifetime opportunity. All you need to do is get in touch with the team for a no-obligation consultation call.
