- Posted in: Precious Metals Reports
This week’s Market Report for Precious Metals saw gold reach a 4-month high and silver up to $18 per ounce. Platinum increased for a total gain of $22 from the 21st to the 27th. At this point, precious metals look amazing all the way around, with analysts predicting possible levels of $1,300.00 for gold and $20 for silver in the near future.
Global Uncertainties Drives Market Safe Haven Buying
Safe haven buying has been a major factor due to global uncertainties surrounding the EU and changes in leadership in many key locations around the world.
Aside from the known events and expected changes, a random and unexpected event could lead to even higher gold spot prices. No matter what happens, precious metals will tend to hold their value over time and increase as the dollar weakens and more safe haven buyers enter the market.
Gold had a great run this week. The spot price started at a healthy $1,227.90 on Tuesday, the 21st and rose to $1,246.90 before the end of the day. The price stayed close to that level, varying between $1,244.90 and $1,247.20 until well into Wednesday. A peak of $1,250.90 ended in a low point of $1,244.90 just before the 23rd, which saw a new high point of $1,251.90. A downward trend followed, with the price falling to $1,242.90 to close out the week. On Monday, the 27th, gold took another upward tack, reaching as high as $1,260.00.
Silver started the week at $17.51 on Tuesday, March 21. On Wednesday, the spot price was down only slightly, at $17.46. On Thursday, silver was at $17.64, and on Friday, just before the weekend, it rose to $17.73. Monday, the 27th, silver reached a new high for the week, rising to $18.10.
Platinum as at $958.00 on Tuesday the 21st. The spot price rose quickly and maintained fairly constant around $970.00 until the 22nd, when it dropped back to $958.00. The 23rd saw platinum fluctuate between $958.00 and $967.00. The metal fell again, to $954.00 on the 24th, but rose again to $964.00 by the weekend. Monday, the 27th, saw platinum reach $980.00.
Tuesday, the 21st, saw palladium at $777.00, but early in the day, the price reached $790.00. After a gradual decline, platinum reached a low point of $781.00 before taking a quick and dramatic leap to $791.00 on March 22nd. When Thursday began, palladium was at $788.00, but rose to $806.00 before the day was out. Friday saw a high of $813.00, but the price was back down to $807.00 for the weekend. Monday saw a spot price of $809.00 before a drop to $792.00.
If you’d like to learn more about the Precious Metals market contact a GMRgold representative at (877) 795-9585 today or visit GMRgold.com to see our selection of Precious Metals products that range from bullion to numismatic items!