Markets Fall Further
In unprecedented market conditions related to the Coronavirus pandemic, all precious metals fell sharply again today with silver at one point trading below £10/oz.
Less than a week ago, the London midday price was fixed at £13.18/oz and it seems a long time ago now when on February 24th the fix was £14.56/oz. This represents a mind-blowing fall of 30%.
Over the same period, platinum has fallen by 30% and palladium by 34%, whereas gold is remaining relatively strong with only a 4% drop.
The difference can be explained with their primary functions – for Ag, Pt and Pl this is for industrial use for which there is presently little demand, whereas gold is primarily a precious metal.