Precious metals pay no yield and therefore react strongly to real rates and the dollar.
Analysis
Gold and silver fell this week, as did platinum and palladium. Rising yields and a stronger dollar hit the same constraint as in bonds. Gold bounced briefly on lower inflation and disappointing job creation, but the move did not hold. Silver, the higher beta version, is also supported by industrial demand linked to electrification and AI.
Opportunity
The opportunity is to use this correction to accumulate, as central bank demand and geopolitical uncertainty remain structural supports. Platinum deserves attention as it holds above an important long term support.
Investor outlook
Positive medium term, cautious short term outlook. If yields roll over, gold should benefit first, and silver could offer the bigger move.
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