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Two weeks ago, all metals were in the tank.
Everything from gold to silver to copper had reached its lowest point in more than two years. Each of them had been falling since October, and there seemed no end in sight.
But after almost seven months of decline, it appears commodities have finally hit a bottom. All of them have rallied steadily for two straight weeks.
Here’s what each of them have done:
- Gold: Bottomed at $1,350 on April 15. Closed at $1,476 yesterday. Total gains: 9.3%.
- Silver: Bottomed at $22.50 on April 15. Closed at $24.27 yesterday. Total gains: 7.9%.
- Copper: Bottomed at $3.08 on April 23. Closed at $3.19 yesterday. Total gains: 3.6%.
- Platinum: Bottomed at $1,400 on April 15. Closed at $1,507 yesterday. Total gains: 7.6%.
Many are asking whether this is the beginning of a major rally in commodities. The lead article on Yahoo! Finance this morning was “Apple vs. Gold: Which Bounce Can You Believe In?”
If so, the rally will have to wait at least another day. Gold has dropped 32 points today; silver is down 3.3%; platinum has fallen 40 points.
We’ll see in the next few days whether today’s gold and silver drop is a momentary bump in the road or a resumption of what has been the worst stretch for metals since the recession in late 2008.