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In this week’s Market Report for Precious Metals we see some softening in gold and platinum prices and gains for silver and palladium. Over the last few business days a couple of Federal Reserve members have made statements which seem to indicate that there will not be any interest rate hikes in the near future. William Dudley, president of the New York Federal Reserve Bank, said at the New York Fed Conference on Monday that, “Monetary policy adjustments are likely to be gradual and cautious, as we continue to face significant uncertainties and the headwinds to growth from the financial crisis have not fully abated.” Oil prices were boosted at the end of last week leading up to the OPEC and non-OPEC meeting over the weekend. Investors did not expect an agreement to be reached and they were correct, the meeting in Doha did not result in an agreement about a production freeze. As a result oil prices fell on Monday. April 18th. This week the European Central Bank will have a meeting to discuss policy, traders are currently eying October as the most likely period for when the ECB will cut its deposit rate again.
Gold started at $1259.20 per ounce on Tuesday, April 12th. By Thursday it was down to $1233.85, and on Friday it reached $1227.10. On Monday, April 18th with falling oil prices and a lower U.S. dollar index gold made some gains to $1237.70. For the remainder of this week gold will likely continue to fluctuate between $1200-$1240. Some researchers are expecting that gold may drop in price over the coming months, but by the end of the year it should be trading much higher.
Silver had a positive week, it started out at $15.96 per ounce on Tuesday. Silver made steady gains all week, reaching $16.17 on Friday and reaching $16.20 on Monday, this is a 10 month high. These gains also led to a an improvement in the gold-silver ratio, it dropped to below 76%. The big news of the day today is Silver peaking at $17! As of the writing of this article Silver is at $16.93, but for a few moment today it broke through the $17 barrier and is set to climb for the rest of the day.
If you’d like to learn more about the jump in Silver pricing contact the GMRgold team at 877-795-9585 or you can see our selection of Silver products right here on our easy to use and secure E-commerce platform by clicking the link here.
Platinum followed gold’s trend this week, starting out at $990 on Tuesday and ending at $982 on Monday. Platinum was close to breaking the $1000 mark and that is what we are still looking toward. Wage negotiations are coming up for the big three platinum mining companies Anglo, Lonmin and Impala. Investors hope that agreements can be reached without disruption in production.
Palladium started out the week at $554, making steady gains to $568 on Friday, and ending Monday at $561. These were good gains for palladium after prices had been struggling for a couple of weeks. The boost for palladium is partly because of good auto sales for China, they were up 8.8% in March.
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