Weekly Market Report For Precious Metals: December 29th-January 4th

Weekly Market Report for Precious Metals: February 23rd-29th
We are starting off the year with some fluctuations in the precious metals market. Gold and Silver are ending on a high note, while platinum and palladium have fallen in this week’s Market Report for Precious Metals. We have not seen the effects of the strengthening dollar yet, and things remained relatively quiet over the holiday week. However, we will be keeping a close eye on the market as China experienced yet another crash on Monday, January 4th.

Gold ended the year up from its low point in mid-December of $1051 per ounce. On December 28th it hit $1072 per ounce. On the 30th it dipped to $1060. As we started the new year gold has seen a steady increase, as of January 4th the price is $1082.72 per ounce. That is a good increase, especially considownload (8)dering that a price of $1000 per ounce was not out of the question earlier in December. We expect to gold continue on an upward trend, with these slight fluctuations. Now is a great time to invest as prices are still relatively low. So far we have not seen a change in the price of gold in relation to China’s market crash. We could see an increased demand though, as Louis James, editor of International Speculator, explained, “The worsening stock market c rash in China is spreading around the world. The Nikkei is down in Japan. So are the markets in Indonesia, Malaysia, South Korea, New Zealand, Taiwan, India, Australia…and, of course, in the US. In this context, it makes sense for gold to rise. That’s what a “safe haven” asset should do in times of financial chaos.”

download (9)Silver sat at a high $14.05 per ounce on December 29th. Then it dropped to $13.87, which is about where it stayed for most of the week. On January 3rd an upward trend began which hasleft us at $14.18 per ounce on the 4th. This is a healthy increase in silver prices which have been staying in the high $13 range. We hope to see this gradual increase continue as silver imports to places like India stay strong.

Platinum did not fare as well, continuing the downward trend it has been on all year. We saw a steep drop from $893.50 on December 29th to $872.50 on Ddownload (10)ecember 30th. The price has bounced back to $883.50 on January 4th. There are a couple of factors contributing to the lower prices, mainly the auto industry and mining. The platinum mining stocks in Southern Africa were off on average by more than 70 percent for the year. The price is also influenced by the slow down in China’s manufacturing. However, auto sales have been strong worldwide which helps boost prices.

Palladium fluctuated between $553-$562 during the final days of December. On January 4th it had a sharp fall to $542.50. We expect it to stabilize around $555 and not change much in the coming weeks.

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