We have all the metals moving higher on war-related announcements out of Russia and higher interest rate announcements today.
For the week, gold was down 1.6% to $1,684, silver was up a fraction to $19.87, platinum was up 3% to $949, and palladium was up 3% to $2,242.
From a year ago today, gold is down 5%, silver is down 11%, platinum is down 1.3%, and palladium is up 17%.
Russian President Vladimir Putin has identified the “collective West” as the enemy in the conflict with Ukraine, and has ordered the mobilization of 300,000 reservists and veterans to support the conflict. He also vows to defend all Russian territory, including areas currently occupied by Russia, pending upcoming voter referendums occurring over the next week.
The Federal Reserve is raising interest rates again by 0.75%. What is less certain is how strong the language will be regarding future interest rate increases, or the length of time the FED expects to take an anti-inflationary stance. With each interest rate increase, current national and consumer debt levels will likely contribute to a rapid economic slowdown.
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About the Author: Bill Stack
Financial Analyst of 29 years and Gulf War Veteran, Bill has been helping families nationwide keep their money safe and growing since 1993. As a Certified Financial Fiduciary® and a RICP®, Bill specializes in helping protect your assets with growth potential.
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