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In the ever-fluctuating world of precious metals, last week showcased a notable resilience, particularly for gold and silver. Gold, recovering from prior setbacks, demonstrated a strong rebound, while silver followed with its own gains despite market volatility. Meanwhile, platinum and palladium faced challenges, reflecting broader economic concerns. As we navigate through the summer and approach a critical election cycle, geopolitical tensions and economic uncertainties are poised to influence investor sentiment. This analysis delves into the recent performance of these metals and underscores the importance of staying informed and proactive in this dynamic market environment.GoldGold bounced off the ropes last week and resumed the fight after the devastating blows it took the week before. Opening the week below the new battle zone of $2,300.00, Gold came out swinging early. Beginning the week at $2,293.51 per ounce, the yellow metal quickly rose to $2,335.51 before closing the week at $2,332.81. The summer doldrums are trying to take hold, but all eyes should remain on the precious metals sector as this election cycle, Russian Nuclear Armed Subs trolling the oceans around the free world and diminishing opinions on the U. S. Economy and its prominence on the World Stage are destined to affect investor sentiment. The resilience of Gold and Silver is being spotlighted right now.SilverSilver followed Big Sister for the week with a 1.7% gain although the trip was a bit more volatile. This is evident by the high and low for the week. Silver has found its own battle line at $30.00 where a great fight has set up. Silver opened the week at $29.16 and closed at $29.56 eclipsing the battle line only briefly to 30.12. Anything in the upper $20.00’s should be considered a gift and taken advantage of. Physical stackers are doing just that as premiums remain aggressive. Silver American Eagles are demanding up to 36% above the spot price while Bars and rounds are more affordable between 22 and 24%. Platinum And PalladiumPlatinum both lost ground as manufacturing data from around the globe still is bleak and gives no hope for the industrial dependent metals. Both are now at or below their production costs, which proves to be the floor. Day traders are running both up and pushing both down as they use them as short-term tools while that floor is a safety net for their manipulation. ConclusionsIt is not a time to be complacent in the precious metals sector. Autumn has always been kind to Gold and Silver and with the election rhetoric ramping up to a crescendo, this year will not be any different. Count on multiple surprise news releases, announcements or events as the most important election for the future of this company gets closer. The two most important drivers of Gold and Silver are Geo-Political chaos, and economic turmoil. It appears that we have a recipe for a perfect storm.
