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NEW YORK/ LONDON, May 9- Gold edged lower on Thursday on the dollar's rally and encouraging U.S. job data, but decent physical demand and gains in platinum group metals and agricultural commodities helped lift bullion from early lows. Palladium rose nearly 3 percent on buying ahead of major wage talks between South Africa's major mining unions and PGM producers.
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Precious metals are being hit hard Wednesday—gold, silver, platinum and palladium all caught in the wave of selling.
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Dominic Schnider, Head Commodity Research at UBS Wealth Management comments on the latest moves in the commodities space and talks about investment strategy for the short term.
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From the popular precious metals gold and silver, to more niche plays like copper, palladium, and platinum, which metal will be the best investment going forward?
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"Worldwide stock markets over the last year have been moving opposite of gold. This suggests that to keep balance in your portfolio, you need to not to put everything in the same basket. Let's look at a possible allocation out of cash, stocks and bonds, and into precious metals," Michael Haynes, chief executive at American Precious Metals Exchange, told CNBC.
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Despite demand for gold falling to 17 percent in the second quarter compared to the same period in 2010, the World Gold Council says that full-year demand will increase because of a rush to safe haven assets as market volatility has ramped up.
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Julian Galvin, associate director at Tyche, sees value in platinum and believes there will be a supply shortage given the strong industrial demand.
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The West is close the point where its paper currency system is insolvent, and as a result gold is heading to $5,000 an ounce, according to the manager of a gold fund.
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The dollar is rising and gold has been gaining too. What's going on? The greenback and gold are usually inversely correlated, so when the dollar goes up, gold goes down and vice versa. But not today—and that highlights the gravity of sovereign debt concerns and worries about the value global currencies, not just the greenback.
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With silver prices tumbling for a third straight session, traders are questioning if its record-breaking rally in recent months is finally over.
