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August Futures in Gold Set New Record; Other Precious Metals Follow

June 18, 2010 - The price of gold is continuing to rise as investors grow more concerned about the U.S. economy and the stock market. Traditionally, gold and other precious metals perform well when traditional economic venues are uncertain, and the current market is no exception. Gold futures closed at record-setting highs on Thursday, June 17. Gold for August delivery rose by 1.5 percent, with an $18.20 increase, ending the day at $1.248.70 per ounce on the Comex exchange. This was a significant increase over the previous record of $1,245.60, set on June 8.

Other precious metals are also experiencing a rally. Near the end of the trading day on June 17, silver showed a spot price increase of 1.52 percent on the New York market, while platinum rose by 0.57 percent and palladium went up by 1.69 percent. An analyst from Deutsche Bank said today, “We … expect that the other precious metals, silver and platinum in particular, could … start to perform in-line or out-perform gold.”

While gold is trading at record highs, the other three heavily traded precious metals are still below their records, although silver is threatening to push through. Platinum topped $2,250 in 2008, but closed Thursday at a New York spot price of $1571. A rush on palladium in 2000 and 2001 saw that price reach almost $1,100. It closed today at $485. Only silver, which is matching gold stride for stride lately, is within striking distance of its all-time high of $20, with a spot close of $18.74 Thursday.

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Danny Burns

Senior Staff Writer - Precious-Metal.org

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