by Frank Holmes
– The best performing precious metal for the week was palladium, up 5.99 percent. Although gold consolidated this week, platinum group metals (PGMs) continued to climb.
– Gold advanced early in the week as turmoil across oil markets increased demand for a safe haven, reports Bloomberg. “The market these days seems to follow oil, with gold trading the opposite way,” explains ABN Amro analyst Georgette Boele. On a similar note, a silent gold rush has emerged among world oil producers, writes Bloomberg. The demand may continue through central bank purchases, increased consumer appetite, and mining supply.