Weekly Precious Metals Update - April 11th

Mark Yaxley | Apr 11th 2020, 4:45:24 pm

This past week was very positive for the precious metals. Not only were prices for both gold and silver up significantly, our industry has also had the chance to catch its collective breath following 'March Madness'.

This past week was very positive for the precious metals. Not only were prices for both gold and silver up significantly, our industry has also had the chance to catch its collective breath following 'March Madness'.

Price Action

Gold climbed from $1633/oz on April 3rd to $1688/oz on April 9th, a gain of 3.4% this week. Silver charged higher to $15.50/oz, up a dollar on the week, or nearly 7%.

Fundamentals for precious metals remain strong and analysts are predicting a gold price of $1850-$1950/oz for 2020, which I find to be a tad conservative. My personal belief is that gold will test new record highs priced in USD in 2020. Of significant note, the gold price in Euros reached an all-time record high this past week.

Product Availability

The Royal Canadian Mint's production remains closed, or at least severely hampered (their website is a bit unclear as to what they are actually producing). Regardless, their products remain sold-out and unavailable to order. The same is true for several Swiss refineries.

Thankfully the US Mint and other US-based producers remain open and are actively delivering, keeping the flow of metal moving, albeit strained. PAMP Suisse also announced they are coming back online. As of Friday, products available to order from SWP were: 

1 oz Gold Eagle Coin, 1 oz Gold Buffalo Coin, 1 oz Gold Marlin Coin, 1 oz Gold Bar (LBMA/Comex approved), 1 oz Gold PAMP Fortuna Bar, 10 oz Gold Bar (LBMA/Comex approved), Kilo Gold Bar, 100 gr Gold Bar, 100 oz Silver Bar (LBMA/Comex approved), 10 oz Silver Bar (LBMA/Comex approved), 1,000 oz Silver Bar, 1 oz Silver Marlin Coin, 1 oz Silver Eagle Coin, 1 oz Silver Round

Orders for these products can be locked in, guaranteeing the spot price and your place in the delivery queue. Delivery times remain 3-4 weeks or longer in some cases. I encourage you to speak to our traders for more information and product specifics.


Premiums have stabilized, however for all of you wishful thinkers out there, I don't expect to see premiums coming down anytime soon, at least not until major producers come back online to fill demand. If anything, premiums will continue to creep up in the short-term.

SWP Quarterly Newsletter

We've just published our free quarterly newsletter, featuring a full quarterly market recap from Senior Analyst Jeff Clark, as well as excellent articles by resident feature writer Jeff Thomas and contributor Doug Casey's International Man. Enjoy it here.

And lastly, happy Easter to you and your family!

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