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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!
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