The world of bullion and, in particular, gold can be puzzling at times. As I sit in Vancouver to write this commentary, gold is down $31 today to $1,384, silver is $21.95 down 3%, platinum is off $28 to $1501, and palladium is weaker at $750, down $10.70. So the weakness that began in earnest in April is continuing.
It seems all it takes is a little volatility to get the bulls running for the hills. Gold has been especially volatile this year.
After rising as much as seven-fold from 2000 to 2012, the yellow metal is down 17% this year to date. It’s been a disheartening year for investors in precious metals, and a recent survey by the American Association of Individual Investors (AAII) recorded bullish sentiment dropping from 49% to 29%, in two weeks.
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