Gold’s early advance slowed, silver the big story on the day


After getting off to strong start, gold slowed its advance as the day progressed but still finished up almost $4 at $1351. The big story of the day though for the precious metals was silver. It finished up 41¢ at $17.22 moving in concert with the two other commodity-based precious metals – platinum and palladium. Traders are concerned that the next round of sanctions against Russia could include top palladium and platinum producer, Norilisk and other mining companies. Russia is the world’s top producer of palladium, the second largest producer of platinum and the fourth largest producer of silver. Platinum was up $6 on the day and palladium was up almost $25.

On another front, Citigroup economist Willem Buiter issued a rather blunt warning today that tariffs from the U.S. and China, would amount to “a serious trade war” and “the biggest self-inflicted wound [on the world economy] since the great financial crisis.” Simultaneously, details from the Fed’s Beige Book on the economy revealed growing concern among U.S. manufacturers about rising import prices based on those tariffs including proactive purchases of materials to avoid higher costs down the road. Sounds like the 1970s. . . . .

Quote of the Day
“Markets are still in a precarious position and volatility is high. Regardless of which direction markets go from here, we cannot escape the risks hidden linkages pose to modern capital markets. We’ve already had a correction this year. But the next correction could turn into a 30% or 40% crash. The conditions are in place. But you can’t wait for the shock to occur because by then it will be too late. You won’t be able to get your money out of the market in time because it’ll be a mad rush to the exits. I recommend you reduce your exposure to the stock market and move into cash, gold, Treasuries, land and fine art.” – James Rickards

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last posted 4-9-2018

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