Gold, Silver Not Faring So Badly After All?

Mineweb’s Lawrence Williams reported that although gold and silver prices have taken a beating this week, in fact the metals “have actually been two of the best performing metal commodities in dollar terms so far this year.”
As quoted in the market news:

Yes their prices have fallen since the markets opened for the New Year on January 2, but gold is only down 7.3% year to date and silver 6.1%. Yet reading the international media one would gain the impression that the gold price, in particular, had been absolutely decimated by the recent falls.
But how about other metals commodities? Platinum and palladium are both down around +/- 20% year to date, yet both were tipped by analysts to comfortably outperform their precious metals peers. This just shows how wrong even the most qualified and experienced analysts can be at specific points in time!
And as for base metals, these have mostly also fared far worse than gold and silver – considerably so in many cases. Copper and aluminium are the two most heavily used in industry and these are down year to date 16% and 12% respectively – so in this context gold and silver haven’t actually performed too badly at all.

Click here to read the full Mineweb report.