Gold, Silver, Platinum turn upward
Can we mark September 11, 2008 as the bottom for the big downturn in precious metals? It’s too soon to say that, but today all four of the precious metals closed higher today.
Gold gained $16 for the day - it’s first up day in awhile. Silver managed to eak out a quarter gain, while the "other" white metals stole the spotlight. Platinum managed to gain $59 on the day - and inched toward $1200. Palladium rounded up the good news with a $15 gain.
I don’t think it will be all roses and unicorns from here on out, but it’s nice to have a good day in the midst of a downturn. In fact, this may mark a turning point of sorts, with the major bad news behind us. That doesn’t mean that we won’t see rough days, but hopefully a slow upward trend from here. If you’re sitting on some cash, it might be time to part with some. Silver looks particularly attractive, if you can get ahold of some without absurd premiums. Don’t spend it all, mind you - silver is of course, extremely volatile. Further downside is possible, if not terribly likely. Only invest what you can afford to lose, as always.
As for me, I’ll be on the lookout for some reasonably priced Mexican Libertads. They’re gorgeous, and one troy ounce of fine silver. What more could an investor want?
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