Greg Weldon: Gold Will Soar Soon; World Now Faces ‘Monetary Armageddon’ (Podcast)

Saturday, May 9, 2020
By Paul Martin
MAY 9, 2020

Precious metals markets appear to be gearing up for another leg higher. On Thursday, the metals complex rose sharply across the board. Gold gained about 2.5% while silver packed on nearly 4%.

Both of the monetary metals showed signs of breaking out of the sideways trading ranges they’ve been stuck in over the past four weeks. Silver closed solidly above its 50-day moving average for the first time since late February.

Bulls will be looking for confirmation with strong weekly closes today and then follow-through early next week.

As of this Friday morning recording gold is putting together a 0.6% advance for the week to bring spot prices to $1,725 per ounce. Silver, meanwhile, shows a weekly uptick of 3.4% to trade at $15.69 an ounce.

Turning to platinum, prices are up essentially unchanged for the week to trade at $779. And finally, palladium continues to slump, down 2.1% for the week to trade at $1,929 an ounce.

Metals markets – the white metals especially – stand to benefit from gradually improving economic conditions. Although the economy remains largely locked down with tens of millions out of work, dozens of states will be lifting restrictions over the next week, unleashing pent up demand for commodities.

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