We’re six months into 2016 and it’s been quite a ride so far. Beginning in early February, gold prices took off and produced the biggest quarterly rally in the last three decades. Now having crested over $1,300 an ounce, we’re far above last December when gold’s spot price lagged at $1,057 per ounce (a five-year low).
Let’s take a look at spot price differentials for all four precious metals to gauge the 2016 year so far:
| Metal | Jan. 2016 | Jun. 2016 | Change |
|---|---|---|---|
| Gold |
$1,061.90 | $1,268.30 | + 26% |
| Silver |
$13.86 | $17.31 | + 20% |
| Platinum |
$892.65 | $986.40 | + 10% |
| Palladium |
$564.15 | $560.70 | – 1% |
Another positive? These figures don’t take into account the level of increased interest in gold and silver-backed exchange traded funds (ETFs).
This week should see significant interest in precious metals on the global stage, with everyone awaiting the outcome of England’s Brexit referendum vote. Will they vote to stay in the European Union (EU) or vote to leave it? Surprisingly, there’s still no clear picture of which way voters will swing on this precarious issue.
With unease and instability, comes renewed interest in safe haven investments such as precious metals. Buckle your seatbelts. This ride could get exciting…
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