Market Update May 28th – Metal Prices Surging

Mark Yaxley | May 28th 2024, 7:20:09 pm

This Week's Market UPDATE: STRAIGHT FROM THE VAULT. Keep up-to-date with the economic and socioeconomic factors affecting the price of precious metals with this weekly update from industry expert Mark Yaxley, CEO, Strategic Wealth Preservation.

As expected, last week’s pause in the precious metals rally was short-lived, and all metals have resumed their upward ascent this morning. At the time of writing, gold is up $30/oz, and silver is up nearly $2/oz, or 6%. Platinum continues to climb, now firmly above the $1,000/oz threshold, trading at $1,064/oz.

Most of the macro risk this week will be focused on Thursday and Friday’s US Core Personal Consumption Expenditure (PCE) and Consumer Price Index (CPI) figures. Meanwhile, the US dollar has been trending down lately (DXY 104+), which has been supportive of metal prices.

On the geopolitical front, South Africa will hold its most significant federal election since Apartheid. In the past two weeks, we’ve seen the formal recognition of a Palestinian state by Ireland, Norway, and Spain. Benjamin Netanyahu has come under renewed criticism for attacks in Rafah that killed 45 people on Sunday night, including children. Global leaders have been highly critical of these acts, increasing pressure on the situation in the Middle East.

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Mark Yaxley, CEO of Strategic Wealth Preservation (SWP), began his journey in precious metals with Kitco Metals in 2006. Co-founding SWP in 2014, he now guides individual and commercial clients towards their investment goals. Renowned for his 'Inside the Vault' YouTube series, Mark has helped millions gain insights into gold and silver bullion ownership.

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