Advisor Metals Precious Metals Market Update for 6/28/24

You can’t keep a good market down. My mantra is that nothing goes up or down in a straight line. The physical precious metals this week showed that. As of this writing, gold is up .67% for the week and silver is up .50% while the Dow Jones Industrial Average (DJIA) is up .005% for the week. The metals doing what they do best. Hedging the downside while providing a potential upside. Silver remains above its 50-day moving average and gold is a about four dollars an ounce below its 50-day moving average and looks to close above it today.

Two significant economic reports were released this week. On Thursday, the final first quarter 2024 GDP revision showed a 1.4% gain in line with expectations yet down significantly from the fourth quarter of 2023 GDP of 3.3%. On Friday, The Personal Consumption Expenditures (PCE) number for May was up.1% from May and the core (less food and energy) was up 2.6% from a year ago. This is the FED’s favorite inflation gauge. The slowing economy has lowered interest rates which reduces the carrying cost of metals and supporting prices. Buy the dip!

Share this Blog Article