- Posted in: Precious Metals Reports
This Weekly Market Report for Precious Metals shows positive gain movement for gold, silver, platinum and palladium for most of the week. Although prices began to drop on April 17, the geopolitical situation as well as U.S. national economic news are leading experts to suggest dramatic potential gains in the near future. Analysts are saying it is altogether possible that gold will reach $1,400 per ounce before the end of 2017.
Investors Can Take Advantage of Gain in Precious Metals Market
President Trump’s promise to lower taxes to 15% has not yet had any traction. With the Trump Administration’s focus on passing the American Health Care Act, tax reform will likely be delayed at least until August. Investors are using this opportunity to take advantage of gains in precious metals.
As tensions heat up in Syria, Afghanistan and North Korea, investors are turning more and more to the safe haven of gold. During the downward fluctuations, buyers are adding to their gold holdings. When gold reached a new high on Monday, the 17th, profit-taking caused the price to go down slightly late in the day. As always, precious metals offer long-term stability and great profit potential in these difficult times.
Gold started the week at $1,257.40. The price rose quickly, reaching $1,276.60 before end of day. On the 12th, the price rose even higher, to $1,286.60. For most of the day on the 13th, gold was at or near $1,287.80. On the 16th, another gain saw gold reach $1,294.20. On the 17th, the price fell to $1,291.40, yielding a weekly net gain of $35 per ounce.
When our weekly PM report started on the 11th, silver was steady at $17.94. The spot price rose during that day, reaching $18.37. A gradual upward trend began on the 12th, peaking on the 13th at $18.66. A slow decline leading up to the weekend saw gold fall to $18.52. The price began on the 16th at $18.60, but fell to $18.33 on the 17th. The net gain for the week, then, was $0.66.
Platinum saw significant gains during the week. The spot price started on the 11th at $944. By the 12th, the price was up to $968. On April 13th, another climb saw platinum reach $976 and was followed by a slow decline, falling to $972 by the end of the day. The 16th saw the price reach $981. After a high of $988, the price of platinum decreased to $979 on the 17th, making for an overall gain of $35 for the week.
While the increase in spot price for palladium was not dramatic, the metal did show a weekly net gain of $11. Starting at $792 on the 11th, the price reached a peak of $805 before the day concluded. After declining to $790 early on the 12th, a long, slow increase saw a new peak of $806 on the 13th. Later that day, a gradual decline began with the price falling to $794. On the 16th, palladium moved upward again, gaining to $873.