PI Global Investments
Precious Metals

Metals Minute 164: Thankful for Gold

Metals Minute 164: Thankful for Gold


Metals Minute 164: Thankful for Gold


November 23, 2022


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It has been a down week for the metals, but more was gained last week than was lost this week.  Gold was down 2% to $1,751, silver was down 2.5% to $21.52, platinum was down 2.1% to $1,013, and palladium was off 9.7% to $1,942 as discussions concerning Russian metal trading continue.

For the last year, gold is down 2.1%, silver is off 9.2%, platinum is up 3.9%, and palladium is up 3.1%.

 

 

There are signs of economic turmoil on the horizon, with recessionary signals from the bond market flashing red.  Yield inversion metrics that have prefaced recession every time since 1969 are signaling recession will be here soon, if not already.  More importantly for gold investors, the average return premium for gold over the S&P 500 stock index is 72% for the following 24 months after similar inversions.

There is also other anecdotal evidence, such as shipping companies such as FEDEX laying off thousands of employees during prime shipping season, and reports of low ship ques off of Southern California ports, when normally these ports would be bustling with activity before the holiday shopping season.  While the future may be challenging for stocks, it looks promising for precious metals.

 


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