Precious Metals On The Move

Golden Rule Radio • May 10 2024
Precious Metals On The Move
MPM Posted on May 10, 2024

Here’s our weekly report on the price moves of precious metals for May 8. As of this recording, here is where precious metals stand:

Gold is currently $2,308, down slightly after a mild correction and bounce.

a graph of gold spot price

The silver price is at $27.32, a strong week following a 50% retracement.

a graph of silver spot price

The platinum price is at $976, continuing a strong rise from the week before and beating palladium.

a graph of platinum spot price

The price of palladium is at $953, holding steady at the time of recording, but remaining below platinum.

a graph of palladium spot price

The S&P 500 is at 5,189, up about 170 points, and a volatile rise over the last two weeks. It is still below April’s highs.

Chart showing a recent volatile rise in the S&P 500 index, peaking at 5,189.

The dollar is sitting at around $105.5, slightly down this week.

Chart showing the current value of the dollar at around $105.5

Watching the platinum-palladium ratio shift

Platinum had a pretty firm ceiling around $1,000 per ounce over the last year. But its lows have been trending higher for the past few months, from around $840 up to $880. Meanwhile, the price of palladium has been trending lower. The platinum-palladium ratio is moving into platinum’s favor.

Markets rally on lower-than-expected jobs data

Looking at underlying fundamentals, the non-farm payrolls data had worse-than-expected employment numbers. There were 175,000 jobs added, with an expectation of 240,000 jobs added. This is a statistic that the Federal Reserve looks at when trying to determine whether to raise rates or cut rates. Weaker jobs data point to a greater chance in a future rate cut.

Silver shines brighter in the gold-silver ratio

Silver has had a solid growth period this spring, rising from around $22.40 to just under $30 in April. While it had a 50% retracement, the price of silver still remains strong. It looks like the price could test $29 or $30 in the next few weeks.

Listen to the full episode to get all the details of our team’s analysis.

Should you make a gold-silver ratio trade?

If you have been holding gold that you purchased anywhere from 12-15 years ago, now could be the perfect time to trade some of their gold ounces in for a significant increase in silver ounces.

Get in touch with a trusted McAlvany advisor to see if a gold-silver ratio trade is right for you.


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