Monthly Summary

April 2021

Gold had its first positive month of 2021, rising 3.1% to close around $1,768 while silver jumped 5.4% in April to finish at $25.84.  Platinum rose a modest 1.2%, underperforming other PGMs, and palladium soared 12.7% to close at a record high as the global economic recovery continues to increase industrial demand for the metal.

Rising Treasury yields, which hammered gold in March, continued into much of April.  Metals spent much of the month stuck in a tug of war match between rising yields and increasing inflation worries.  Gold would rise one day on inflation data only to fall the next as yields rose to account for projected inflation. The Fed responded to inflation concerns by stating that a lot of these price increases are temporary due to supply chain disruptions and COVID relief aid and would likely not be indicative of actual long-term inflation.  Yields subsequently fell well below their monthly highs helping metals recover to finish April strong.

Equities performed well in April, however, unlike March that saw a shift to value stocks due to rising Treasury yields, growth stocks outperformed value on stabilizing yields and strong earnings. The Dow gained 2.7% in April and the S&P 500 rose 5.2%- its best month since November.  The Nasdaq finished up 5.4% as several large tech companies significantly outperformed Q1 earnings projections.

Demand remained strong in April, despite rising prices and high premiums due to on-going shortages that have plagued the physical precious metals market for the past year. As Covid cases continue to decline and supply chain kinks across most industries continue to improve, it is probable that premiums will begin to decrease as availability increases in the coming months.

Historical Trends & Pricing

Commentaries

June 09, 2021

Gold is trading flat today around $1,892 even as Treasury yields dipped to a 3-month low in spite of rising inflation concerns.  Several of the correlations between yields and precious metals and yields and inflation have diminished recently, leaving many scratching their heads for direction.  Equity markets seem confused too, with the Dow and S&P 500 trading nearly flat and the Nasdaq, which has performed best when yields drop recently, up a modest 0.3%.

June 07, 2021

Gold and silver regained some of what they lost in last week’s selloff as inflation fears continue to limit equity markets and boost precious metals. Gold and silver are currently hovering around the $1,900 and $28.00 thresholds.  Stocks were mixed today as the Dow fell about 126 points, the Nasdaq gained nearly 0.5%, and the S&P closed just about flat.  Thursday’s CPI data should give a better insight into current inflation and will likely shake up markets across several sectors.

June 04, 2021

Gold recovered from yesterday’s closing at $1,873.30 (a 3-week low) to finish for the day up $20.80 at $1,894.10 (+1.1%).

Today, weaker than expected U.S. job’s report for the month of May promoted the prospect of no near term raising of interest rates by the Federal Reserve resulting in a weakening of the US Dollar.  With inflation pressures surfacing across many consumer goods categories, and relative strength in other currencies, gold found new momentum heading into next week.

May 26, 2021

Gold breached the $1,900 threshold at yesterday’s close to post the highest level not seen since February.  Continuing to benefit from the weaker US dollar, Gold is gaining traction on what is now seen as a narrowing of real purchasing power as defined by the perceived increase in inflation relative to a decline in the Dollar’s value.

Today, gold opened lower on a slight uptick in bond yields and some profit taking ahead of key US economic data releases due ahead of the long weekend.

COMEX Gold for June delivery opened $1,896.80 down -0.23% (+7.30% MTD).  COMEX Silver for July delivery opened at $27.77 down -0.12% (+7.31% MTD)

May 25, 2021

The gold price remains steady after the open suggesting a “wait and see” on further economic data to be released this week.  Today, the US is scheduled to release its monthly consumer confidence estimate followed by Thursday’s initial jobless claims.  Results from these releases should give some direction effecting US dollar strength as well as a more general view of the state of our economy as it stands currently.

COMEX Gold for June delivery opened $1,881.20 down -0.18% (+6.42% MTD).  COMEX Silver for July delivery opened at $27.88 down -0.09% (+7.76% MTD)

May 24, 2021

The precious metals complex flexes upward momentum today with gold reaching a 4-Month high as bullish investor sentiment weighs in on recent developments.

Rising inflation data continues to favor the prospect of higher gold prices.  However, recent declines in the crypto currencies have also fueled a shift back towards physical assets such as precious metals.

COMEX Gold for June delivery opened $1,883.50 up 0.36% (+6.55% MTD).  COMEX Silver for July delivery opened at $27.690 up 0.74% (+7.02% MTD).

May 20, 2021

Gold is holding steady around $1,875, down nearly $10 from yesterday’s high but still up nearly 2% for the week.  Silver also fell sharply from its Tuesday high of $28.70 but is still up about 1.5% for the week.  Gold and silver are showing their strength as haven assets as cryptos continue to struggle, having fallen as much as 40% this week off their recent highs and equities posted 3 consecutive days of losses.  Stocks, however, are up sharply across the board today as this week’s jobless claims report was the lowest since the pandemic began.  The Dow is up 320 points heading into the final half hour of trading and the S&P 500 and Nasdaq are up 1.4% and 2% respectively.

May 17, 2021

Gold and silver reached 5-month highs today as inflation scares continue to increase the appeal of haven assets such as precious metals.  Gold hit $1,868 and silver ticked above $28.00 for the first time since January and traded as high at $28.38 before declining slightly to its current level of $28.25. Cryptos had one of their worst days in years with Bitcoin and Ethereum both down over 20% for the last week, drawing comparisons to 2017’s selloff which led to a three-year bear market. Stocks were fairly steady today but closed down across the board; the Dow dropped 50 points and the Nasdaq and S&P fell 0.38% and 0.25% respectively.

May 14, 2021

Gold rose sharply today to finish in the green, up about 0.4% for the week. Silver rose nearly $0.50 cents today but ultimately ended the week nearly right where it began.  Metals fell sharply earlier in the week as Treasury yields hit 5-week highs, but worrisome inflation data showed prices jumped more in April than any other month in the past 13 years. Subsequent inflation worries helped boost metals and certain stock sectors. The Dow rose 360 points today and the Nasdaq jumped 2.3% but still finished the week in the red as tech stocks were the hardest hit by rising yields.

May 10, 2021

After rising overnight, metals have returned to last week’s levels with gold and silver trading at $1,837 and $27.50, respectively.  Silver rose as high as $27.90 overnight but was unable to break the $28.00 threshold.  Stocks are mixed to begin the week with the Dow hitting a record intraday and the Nasdaq down nearly 200 points or 1.45% as the tech sector can hold on to Friday’s gains.

May 7, 2021

Gold and silver rose 3.5% and nearly 6% respectively, having one of their best weeks in months, as Treasury yields declined and today’s jobs data for April missed estimates by miles. 266,000 jobs were added last month, and unemployment jumped to 6.1% (vs 978,000 and 5.8% expected).  The miss illustrates that we still have a long way to go economically to get back to pre-COVID levels.  Stocks are up across the board with the Nasdaq leading the way, up 1% and looking to gain back some of this week’s losses.  The Dow and S&P 500 are up 0.65% and 0.80% heading into the final hour a trading.

May 05, 2021

Gold and silver are up modestly today, currently trading at $1,787.50 and $26.56 respectively, after declining yesterday when the Treasury cautioned that if the suspension of the debt ceiling does expire in August, it could quickly run out of money.  Treasury yields spiked on the news pressuring metals lower, but yields have since retreated causing a boost for gold and silver.  Value stocks continue to outperform growth stocks leading to a 100-point increase and new record high for the Dow today while the Nasdaq closed 0.4% in the red after its worst day in months yesterday.

May 03, 2021

Metals soared today as gold closed in on $1,800 and silver jumped over 4% to tick about $27.00 for the first time since February.  Both metals hit 10-week highs to begin the month after an already strong April performance. Stocks were mixed as the Nasdaq closed down 0.35% amid a tech selloff, even after strong earnings last week, while the Dow and S&P 500 both finished in the green, up 0.45% and 0.84% respectively.

April 30, 2021

Gold and silver dipped slightly today but remain fairly steady around the $1,770 and $26.00 markers, respectively.  For the month, gold gained 3.1% while silver rose 5.4% as inflation concerns continue to boost metals. Equities fell today, unable to maintain gains brought on by a week of strong tech earnings.  The Dow ended 185 points in the red today while the S&P 500 and Nasdaq dropped 0.72% and 0.85% respectively.

April 28, 2021

Gold is trading at $1,782, up a few dollars since today’s expected Fed decision to leave rates unchanged and its subsequent press conference.  The Fed stressed its commitment to continued aid and warned that inflation is likely coming, however, much of it would be temporary in nature due to ongoing supply chain kinks and the faulty nature of comparing traditional YoY inflation indicators with many of the world’s economies shut down much of last year. Stocks were fairly flat today as investors awaited the Fed’s announcement but dipped after the Fed brushed off current inflation indicators as a result of the pandemic. The Dow closed 165 points in the red while the Nasdaq and S&P 500 dropped 0.3% and 0.1% respectively.

April 26, 2021

Gold is trading at $1,880 and silver is currently at $26.25, both up slightly to begin the week as bond yields have stabilized well below their recent highs and better-than-expected earnings continue to drive equities higher.  The Nasdaq is currently up 0.8%, outpacing the Dow and S&P, as several large tech companies report Q1 earnings this week in what has already been one of the best earning seasons in recent years.

April 23, 2021

Gold and silver jumped to multi-month highs this week but ultimately ended nearly right were they began at $1,777 and $26.04 respectively.  Bond yields finished the week firmly in the red which initially helped gold gain traction, but positive economic data and strong equity earnings put downward pressure on metals which offset much of their yield-fueled upward momentum.  Equities regained most of their losses suffered yesterday after President Biden hinted at raising the capital gains tax for the wealthy and finished up across all sectors.  The Dow added 230 points and the Nasdaq jumped nearly 1.5%.  The S&P hit a record high today and closed up 1.1%.

April 21, 2021

Gold surged today to $1,795, its highest level in nearly 2 months and silver broke $26.60 for the first time since early-March as bond yields dipped and the US dollar continued to decline, currently down nearly 1% for the week. Equities began the day sharply in the red, looking like they would have their third consecutive negative session, but reversed course on strong earnings across multiple sectors.  The Dow finished up 316 points or nearly 1% while the S&P500 and Nasdaq finished up 0.9% and 1.2% respectively.

April 19, 2021

Metals slipped today with gold and silver down $8.80 and $0.30 respectively as the 10-year yield ticked above 1.6% again and last week’s inflation’s woes seemed to have faded—even as yields rose slightly. Equities are set to close Monday in the red. The Dow is down nearly 150 points and the S&P500 is down 0.7% after hitting record highs last week. The Nasdaq is currently down 1.2% as growth stocks continue to take to brunt of recent selloffs.

April 14, 2021

Gold and silver remained steady today, trading around $1,735 and $25.45 respectively, as this week’s CPI data showed inflation was much higher than expected in March, and inflation was slightly higher than expected YOY. Stocks were mixed today, in part, due to inflation worries.  The Dow closed in the green, up 54 points as strong bank earnings further helped the argument for value stocks.  The S&P 500 fell 0.4% while the Nasdaq dipped 1% as growth stocks continue to get hit hardest in the reallocation to value sectors due to the rising likelihood of inflation.

April 12, 2021

Today’s 3 and 10-year bond auctions were less than stellar, leading to a rise in yields that helped push metals downward to begin the week.  Demand was substantial enough to keep yields off their 1-year highs, but metals and equities still reacted negatively to even a modest rise.  Gold is down about 0.7%, trading at $1,731, and silver is down 2%, trading at $24.80. Tomorrow’s CPI data for March should give better insight into inflation worries which will likely rattle metals markets one way or another. The Nasdaq closed down 0.36% today while the Dow fell 55 points and the S&P 500 finished flat to remain near last week’s record highs.

April 09, 2021

Gold is down nearly 1% today, currently trading at $1,741.90, after rising to its highest level in over a month yesterday as Treasury yields fell.  Yields have since reversed course and are up modestly with the 10-year ticking back above the 1.65% threshold.  Stocks are poised to end the week comfortably in the green with the Dow up 235 points heading into the final hour of trading.  The S&P and Nasdaq are up 0.60% and 0.35% respectively. For the week, gold and silver are on pace to finish up about 0.5% and 1% respectively.

April 07, 2021

Precious metals and equities both spent most of Wednesday in limbo as investors awaited today’s Fed minutes which ended up being much ado about nothing.  The Fed said basically what everyone expected them to say; things are looking better but there is a still a lot of work.  Gold and silver dipped slightly this afternoon but remain relatively unchanged for the day, trading at $1,737 and $25.20, respectively.  Stocks had one of their least volatile days in months with the Dow eking out a positive session, rising 16 points, and the S&P gaining 0.15%.  The Nasdaq declined, albeit a measly 0.07%, to close virtually flat.

April 05, 2021

Gold and silver remained fairly steady today, dipping slightly on a modest rise in treasury yields and surging equities.  Gold is trading around $1,729, close to where it has remained for the majority of the past two weeks, and silver stabilized around $24.90 after falling to $24.65 earlier today.  Stocks had one of their best days collectively in months as investors had their first full session to react to Friday’s jobs data; 916,000 jobs were created in March, which smashed expectations of 675,000.  The Dow gained 374 points or 1.13% while the S&P and Nasdaq rose 1.44% and 1.67% respectively.

March 31, 2021

Gold is up 1.6% today, currently trading at $1,713.30, after dipping yesterday to its lowest price since June, and silver is up 1.3%, comfortably back above the $24.00 threshold.  Stocks were mixed today but performed well overall.  The Nasdaq gained 1.54% in today’s session as tech stocks outperformed other sectors and the Dow fell 85 points or 0.26%.  The S&P 500 gained 0.36% to close at a new record high and finished the month of March up 4%.

March 29, 2021

Gold and silver are trading at $1,710 and $24.65, dropping 1.4% and 1.8% respectively to begin the week, as the US dollar holds steady near a 4-month high and treasury yields continue to rise with the 10-year hitting 1.7% today.  Stocks are mixed with the Dow up 0.3%, the S&P 500 flat, and the Nasdaq down nearly 1% heading into the last hour of trading.

March 26, 2021

Gold and silver both rose slightly today, closing at $1,732.60 and $25.09; however, ended the week down 0.6% and 4.4% respectively.  The PCE Price Index came in at 0.2% for February, missing estimates of 0.5%, which helped push treasury yields lower as inflation fears seem unwarranted—at least in the short-term future.  Stocks gained on the news, including the Nasdaq which was hit hardest on inflation worries and rising yields, which gained 1.24% today.  The S&P rose 1.66% for its best daily performance in weeks and the Dow jumped 450 points.

March 25, 2021

Gold and silver dropped today as the US dollar continues to rise and is now at its highest level since early November.  Silver dipped to its lowest level since January before stabilizing around $25.15 and gold is down $8.00, trading at $1,727.  Overall, the week is shaping up to be one of the most stable for precious metals after months of volatility that saw metals swinging 5-10% weekly.  After spending most of the day in the red, stocks have since turned positive with the Dow and S&P 500 up about 0.6% each and the Nasdaq up about 0.2%.  The Russell 2000 is outperforming all, up 2.5%, after yesterday’s earnings fueled small-cap selloff.

March 22, 2021

Gold is trading nearly flat around $1,740 today while silver dipped below $26.00 and is currently down $0.50, trading at $25.82.  Stocks finished in the green today as rising COVID cases among the new variants provides investors security that the Fed will continue to intervene to maintain economic security which was seen in today’s treasury yields dropping today.  The Dow gained 100 points and the S&P 500 and Nasdaq rose 0.70% and 1.23% respectively.

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