The precious metals market saw some ups and downs this week. Gold continued its upward trend while silver, platinum and palladium all ended down. We may see more investment in gold as China’s falling market continues to influence other markets globally. Taking a closer look at this week’s Market Report for Precious Metals we can see some positives.
- Posted in: Uncategorized
Gold started off the week at $1072 per ounce. It gained steadily all week, hitting $1096 on Thursday and ending at $1100 on Monday, January 11th. This is a good sign for gold investors. Gold is considered to be the safest investment, often referred to as a “safe haven asset.” It is likely that gold will continue its slow and steady upward trend for the next few weeks. All global markets are keeping an eye on China. Their market fell another 5.6% on Monday. Oil prices are also dropping, U.S. crude oil fell 6.5% to $30.96 a barrel and is at the lowest level since 2003. Both factors contribute to stronger gold prices. The next milestone will be $1200 per ounce, that may take a few weeks to reach as long as the dollar continues to stay strong against other markets.
Silver did not change much over the week. It reached $14.04 per ounce on Friday, January 8th. It dropped a few cents to $13.97 per ounce on Monday, mostly due to the fluctuations in other markets. Silver should stay fairly steady over the next week, hovering around $14.00 per ounce.
Platinum fell a bit, but then rallied yesterday. It started last week at $878.00 per ounce, then dropped to $869.00 on Thursday, January 7th. On Monday it bounced back to $871.00 per ounce. We should see platinum come up a bit more in the weeks ahead. The impact of slow manufacturing in the Chinese market should have already been accounted for and automotive sales are staying strong.
Palladium fell quite a bit this week. It started at $545.00 per ounce and has ended at $486.00 on Monday. Palladium is more influenced by manufacturing than other metals. While the price may fall more in the next couple weeks it will become more steady as other markets even out.
Overall we are not seeing too much impact on the U.S. Market from the drop in the Chinese Market. The dollar is holding strong, the biggest impact has been on oil prices so far. We should see precious metals stay strong with gold and silver being good assets for investment. We will continue to watch for any further change in global markets in the next week.
GMRgold is the nation’s leading precious metals firm specializing in advising clients on the benefits of growing their portfolios with gold, silver, platinum and copper products via bars, rounds or coins. Our precious metals firm exclusively focuses on physical products ultimately getting gold, silver, platinum or copper delivered directly to your door. Contact us today to find out how we can help you invest.