- Posted in: Precious Metals Reports
This week’s market report for precious metals showed losses for gold and platinum. The price of silver on the 30th was virtually the same as its price on the 24th. Palladium was the only precious metal of the four covered here that saw significant gains.
Buyers Returning to Gold as a Safe Haven
President Trump’s early flurry of activity, signing executive orders quickly and making snap decisions, has likely contributed to the weakness of the world market. Buyers are beginning to turn to gold as a safe-haven. The dollar is up again after last week’s decline, but analysts suggest that it is near its peak and will soon drop again.
Trump’s rush to put his new policies in place at first brought uncertainty to the market, increasing the demand for gold. However, as the days progress and the executive orders keep coming, the administration’s announcements are having less and less impact on precious metals buyers. Although all but palladium have suffered this week, there is some indication that investors have accepted the fact that Trump is an unknown quantity in government and are no longer rushing to judgment.
Precious metals provide a hedge against inflation, which is altogether possible given Trump’s inexperience with government economics. They are a safe-haven from instability in the stock market, and that is perhaps the most important factor right now. Buying gold now is a great way to find stability in a world that is confusing and unstable, even per the best analysts.
Gold saw an overall loss this week. Starting at $1,215.30 on Tuesday, the 24th, the price dropped to $1,205.10 by the 25th. A further drop on Thursday brought the price to $1,198.40. On Friday, the price fell to $1,191.30 – which was a 3-week low – and only rebounded to $1,195.00 after the weekend. Early on Tuesday, the price dipped again, but recovered to $1,197.50 at the end of the trading day.
Silver ended the week only 4 cents above its Tuesday start of $17.13. By Wednesday, the price was at $17.00. The price dipped on Thursday to $16.92, but on Friday, it went from $16.65 to $17.12 before the break. The price was at $17.17 on Monday.
Overall gains in platinum this week were the bright spot of this market report. Platinum was at $981 on Tuesday. Wednesday, it dropped dramatically from $996 to $976, but it was back up to $982 by Thursday. Friday, the price dropped again, this time to $969 and then back up to $984 to start the weekend. On Monday, the price remained stable and increased to $991 on Monday.
Palladium started the week at $771. On Wednesday, it was up to $787. A downward trend began on Thursday, as the price dropped to $733 that day and then to $720 on Friday. On Sunday, palladium rebounded to $740 and closed on Monday at $750.
If you would like to learn more about the precious metals market or would like to start or grow your precious metals market investment portfolio call (877) 795-9585 today to learn more or visit our website at GMRgold.com.