Weekly Market Report For Precious Metals: January 26th-February 1st

We are seeing more gains as we look at this week’s Market Report for Precious Metals. While other markets have slipped more over the week precious metals are remaining strong. On Monday, February 1st we saw oil drop again and stocks following suit, but precious metals held their value.

Global stock markets and oil fell after more news of weak manufacturing both overseas and in the United States. China’s factory activity fell to a three-year low, slowing U.S. construction spending in December, and U.S. spending increase of just 0.1% pointed to weaker fourth quarter growth. However, we do see some good news as Todd Salamone, a senior vice president at Schaeffer’s Investment Research points out, “The panic selling of mid-January is over, signaling a change in sentiment from extreme fear that could be supportive of stocks in the weeks ahead.”


Gold started the week at $1,114.70 per ounce on Tuesday, January 26th. There was a slight drop on Friday to $1,112.90. Today there were strong gains, with gold ending at $1,122.00 per ounce. Gold is being pushed by a weaker U.S. dollar and hopes that the Fed will slow the pace of rate increases. “In the longer term, we still expect the dollar will go higher … and we still have three (U.S. interest rate) hikes in our scenario, but there is uncertainty around that … and gold has benefited,” ABN Amro analyst Georgette Boele said. This is the highest gold has been since November and the steady increases are expected to continue. The next milestone to look for will be hitting $1150.00 per ounce, which we could see in the coming months.

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Silver started out the week at $14.33 per ounce. It fell down to $13.58 per ounce on Thursday. There was a strong rally and silver rose up to $14.35 per ounce on Monday. This was a healthy 0.79% increase. Silver is a good metal to invest in when global stocks slow down, we should see continued investment and steady gains alongside gold.

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With news of weak manufacturing it is not surprising that platinum fell from its high last week of $884 an ounce to $872 on Monday. If the Fed does not increase rates in March the U.S. dollar will gain more strength which should increase construction and manufacturing in the states, giving platinum a boost.

See the GMRgold Platinum inventory.


Palladium also saw some fluctuation this week. Starting out at $491 and ounce, then reaching a high last week of $500, and dropping down to $493 on Friday. Today it rallied up 0.7% ending at $502 per ounce. We don’t expect to see any major changes in palladium prices this week.

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