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The metals march on! (upwardly)
For the week gold was up 1.64%, silver was up 6.45%, and the Dow Jones Industrial Average (DJIA) was up 3.19%.
Gold is up 9.95% since bouncing off of its 200-day moving average, silver is up 16.75% since reaching its 50% Fibonacci retracement level, and the DJIA is up 3.21% since breaking through the 50-day moving average resistance level.
When was the last time gold, silver, and the DJIA went up together? Correct! During the first Trump Administration.
The significant economic news this week was the release of the March core Producer Price Index (PPI) which showed a .1% monthly gain against a forecast of a .5% monthly gain and is at a 3.8% annual rate. The core PPI excludes food and energy. The services sector which FED policy makers focus on was flat.
Until next time…
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