- Posted in: Precious Metals Reports
This Weekly Market Report for Precious Metals saw 3.5-month highs for gold and silver as well as increases in the spot prices of platinum and palladium.
While Federal Reserve Chair Janet Yellen’s speech last week was couched in dovish terms, more aggressive words and plans are expected from President Trump. He will speak before the Congress on Tuesday to outline his plans for economic recovery and development.
Investors have been excited about the continued increases in gold and optimistic about President Trump’s agenda for an economically successful nation. With Trump revealing that he plans to work first on tax reform and infrastructure, investors are encouraged that the economy may soon be booming.
In mining news, Silver Standard Resources, Inc. hit a record high for yearly gold-equivalent output, while OceanaGold marked its most profitable year so far.
Whatever happens in Congress this week, uncertainty surrounding the beginning of this new and very different administration is almost guaranteed, at least for the near future. As always, investors turn to precious metals in these uncertain times.
Gold was up this week, with a total gain of $30.50 from Tuesday the 21st to Monday the 27th. The spot price started at $1,233 on Tuesday. Wednesday was a fairly level day, with gold going from $1,235.40 to $1,237.90 during the day. Thursday saw a more dramatic increase that took gold up to $1,248.60 per ounce. The gains continued on Friday, as gold reached $1,259.50 before settling back down to $1,256.60 for the weekend On Monday, gold continued to climb, gaining to $1,263.50.
The spot price of silver started at $17.95 on Tuesday and remained more steady than usual, staying mainly between $17.95 and $18.03 through Tuesday, Wednesday and part of Thursday. However, later in the day on Thursday, the price went to $18.16, and then on Friday, to $18.32. On Monday, the price reached $18.38.
The price curve for platinum was somewhat sedate during the first part of the week. Platinum started at $999 on Tuesday and stayed mainly between $996 and $1,002 until Friday. On Friday, the price went up to $1,014 and on up to $1,027 before the weekend. At one point on Monday, platinum reached $1,042. However, before trading closed, the price was back at $1,028 – still a significant increase for the week.
Palladium started at $770 on Tuesday and increased to $784 during the day. On Wednesday, the spot price of palladium decreased to $763. On Thursday, the price rebounded to $787. Friday the 24th saw the price reach $783 before dropping back to $770 for the weekend. On Monday, palladium climbed to $787 and then dropped back to $778.