- Posted in: Precious Metals Reports
This weekly market report for precious metals saw gold and silver prices up but platinum and palladium down overall.
Inflation Leads to Expectation Precious Metals Will Increase in Value
Analysts are beginning to come out with new predictions as the inauguration approaches. Gold is expected to rise as the dollar drops off from its previous high. Expected inflation has become a major consideration, causing speculation that precious metals are set to increase in value.
The actions of the president-elect seem to indicate that there may be increasing global instability. In times like these, precious metals are typically the best choice for safeguarding wealth. Hedge funds are beginning to add gold for the first time in months, showing further evidence of the hesitant mood in the stock market.
No one knows what is around the corner for the U.S., and it is that very uncertainty that is now positively affecting gold and silver. These two precious metals are already on the rise. If the fears of instability and inflation prove true, those who buy gold and silver in this uncertain time stand to see phenomenal gains.
Gold prices were on a bit of a rollercoaster ride this week. Early on the 10th, gold was at $1,186.00, but trading during the 11th took a jagged course higher, from $1,189.90 to $1,180.00 and back up, reaching $1,195.90. On the 12th, gold went up to $1,205.20, but settled back into the 1100s, ending that day at $1,191.50. The 13th stayed fairly even, ending at $1,196.90 for the weekend. On Monday the 16th, prices varied between $1,202 and $1,205.
Silver gained overall this week. On the 10th, it started at $16.59. Before the day was out, it had climbed to $16.85, but on the 11th, it was back down to $16.55. After rebounding to $16.74, the 12th saw prices go up to $16.93. After several ups and downs on the 13th and 16th, the ending price on the 16th was $16.80.
Platinum started on the 10th at 976, but dropped to 966 during the day. By day’s end, it was at 978. The price held steady for the first part of the day on the 11th before dropping to 966. Throughout the day on the 12th, platinum trended upward to 988, but then began a downward trend falling to 968 on the 13th. Just before the weekend, the price spiked to 982 and, with several adjustments, ended at 983 on the 16th.
Palladium lost ground this week. After starting on the 10th at $760, the price went to $754 and then back up to $763 by end of day. The 11th also had a midday slump, going from $763 to $747 and back up to $758. The 12th saw the price fall again, from $762 to 749. On a fairly smooth downward trend after that, palladium ended the 16th at $743.