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The trading week is off to a rocky start as small-caps, retail, and auto stocks led the market lower for most of Monday’s trading session.
But precious metals turned higher during yesterday’s market weakness. And as S&P futures sink into the red this morning, gold has moved just a few bucks shy of its year-to-date highs.
Gold pushed into the green to kick off the new trading month, jumping $4 by settlement yesterday. The metal is now back over $1,260. Silver’s also sitting pretty. The poor man’s precious metal continues to consolidate last month’s big comeback move. Out of all the major metals, Dr. Copper was the only one to finish Monday trading in the red.
We spent plenty of time stalking the metals comeback during the first three months of the year. Today, we’re seeing why precious metals are set to extend their gains into the second quarter.
Unless you’ve been trapped in your cellar with no internet connection since Christmas, you know gold has posted a rocky comeback move in 2017. After rocketing out of the gate in January. the Midas metal hit rough waters last month. Gold finished lower for eight straight days to kick off March trading – and traders abandoned ship as precious metals endured their first correction of the young year. Gold didn’t get its groove back until a couple of weeks ago as the dollar rally lost steam.
[Ed. note: Gold’s no longer a simple safe haven investment. We just got our hands on new research that proves gold has the potential to do much more than just protect wealth. In fact, it could be the “magic bullet” your portfolio needs right now. Check out the details in the trading notes below your portfolio updates.]
Gold’s performance is a complete shift from the action we witnessed in the precious metals market during the fourth quarter. You’ll recall that gold almost fell apart at the end of 2016. But the new year helped turn things around in the precious metals world. Thanks to its improved performance to begin the year, the Midas metal started off on the right foot. Now that gold has shaken off its March drop, we’re seeing more constructive action in the precious metals market.
But gold’s not the only top performing metal this year. Most armchair investors can rattle off gold, silver, and platinum when it’s time to talk precious metals. But there’s another member of this elite club folks tend to forget that also feels right at home with its industrial metal counterparts…
I’m talking about palladium.
“This metal is most often associated with catalytic converters in automobiles, a system meant to clean emissions,” MarketWatch notes. “Another common use for palladium is in ceramic capacitors, which are an important part of common electronic equipment such as cell phones.”
Most folks aren’t paying a lick of attention to Palladium right now. Yet this forgotten precious metal is topping even gold’s Dow-beating …read more
Source:: Daily Reckoning feed
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