Metals Market Update – Monday Nov 9, 2020
by Bill Stack
Much to discuss today, so lets dive in. Metals are presenting a great buying opportunity today, as a temporary reprieve in the march higher. An announcement was made concerning a vaccine for the COVID 19 virus, which initially sent the stock market higher, and the metals lower. We believe this is short term, with metals still providing a better value in the days ahead.
Gold is down 3.74% this morning, but 27% higher than a year ago.
Silver is down 5.16% this morning, but 41% higher than a year ago.
Palladium is down 1.21% this morning, but 37% higher than a year ago.
Platinum is down 3.07% this morning, and 4.97% lower than a year ago.
Meanwhile, some stock market indexes are only up 2% from a year ago, while reaching record highs today. The metals offer better value today, especially Silver and Platinum, which are the furthest away from their all time highs. Gold is pausing temporarily, offering a great opportunity to add before the march northward continues by year end. Palladium offers opportunities as well, but with greater caution necessary.