- Posted in: Precious Metals Reports
This week’s Weekly Market Report for Precious Metals saw lower prices for gold, silver, platinum and palladium after a more positive trend last week. Gold only dipped below $1,200 per ounce for a short time. The real shocker was platinum, which fell $41 before rebounding slightly at the start of the week. Silver and palladium were also down significantly.
Precious metals investment experts are waiting to hear what Fed chair Janet Yellen will announce after the Federal Reserve Open Market Committee meets on Tuesday and Wednesday. Although a rate hike of 0.25% is expected, the more important news will come with Yellen’s presentation of the current and upcoming economic situation, as well as possible future rate hikes. Many major precious metals investors sold gold this week to take profits before the upcoming Fed meeting.
Release of Trump’s Budget Could Mean Gold Value Will Rise
The U.S. Consumer Price Index should be released on Wednesday. If inflation is shown to be a problem, gold would tend to become more valuable. Another factor in the precious metals market is Trump’s first budget, which will also be released in the coming week. The big question is whether Trump is headed toward higher deficits. If so, gold is likely to increase in value.
While there are certainly ups and downs in precious metals prices, the fact remains that they continue to increase in the long run. While stocks may become worthless, gold, silver, platinum and palladium continue to have real, lasting value.
Gold started out on the 7th at $1,224.00, and then took a downward path to $1,217.00 on the 8th, $1,200.80 on the 9th and all the way down to $1,195.30 on the 10th before climbing back up to $1,204.50 for the weekend. Monday saw the spot price of gold reach $1,210.00 early in the trading day.
On Tuesday, the 7th, the price of silver was at $17.70 before starting a downward trend. By later that day, the price was at $17.48. The spot price of silver continued to fall through the 8th, arriving at $16.94 on the 9th and $16.83 on the 10th. Despite a quick spike to $17.04 on the 10th, the price only rebounded to $17.02 before the weekend. Early in the day on Monday, the 13th, the price rose to $17.10.
The spot price of platinum began at $974 on Tuesday, but began to fall soon afterwards. On Wednesday, the price had fallen to $958, and on Thursday, it fell farther to $933. By the weekend, platinum had recovered slightly, holding at $941. When trading started back up after the break, the price reached $945.
Palladium started this week on Tuesday at $770. The next hours showed ups and downs that only got started with a March 8th spot price of $771. On March 8th, the price rose and fell within that range until midmorning on the 9th, when it fell to $749. The downward curve continued, bring the price to $740 on the 10th before ending the week at $746. On Monday, the price began to rise, reaching $757 during the day.
If you’d like to learn more about the Precious Metals Market, or would like to speak to a GMRgold representative about growing or starting your precious metals collection or investment contact us at (877) 795-9585 today!