by Alasdair MacLeod
After commodities peaked last week and subsequently sold off, this week saw a continuation of falling prices before steadying on Wednesday. Gold settled at $1834 in early morning European trade today (Friday), down $54 from last Friday’s close after a low point of $1895 on Wednesday. Silver traded at $25.26, down 60 cents, having touched $24.47.
It seems odd that precious metals reacted downwards so strongly while the war in Ukraine continues. It’s not all going Russia’s way, and arguably that might make Russia more dangerous with respect to countering the West’s sanctions. It is likely that there is something else driving gold and silver.