- Posted in: General
This Weekly Market Report for Precious Metals saw gold, platinum and silver falling and palladium holding strong for most of the week. Prices for all four of these metals were in the downward mode on Monday, leaving gold at a 3-month low, platinum at a 4-month low and silver at a 7-week low.
On Monday, a bipartisan agreement stalled talk of a government shutdown, leading investors to choose stocks over gold in many cases because the immediate crisis had been averted. Analysts suggest that another part of the reason for the Monday drop was the headlines announcing that the Atlanta Fed Watch is predicting a much stronger GDP for the second quarter of this year. If the economy is that strong, gold is likely to continue its fall. However, jobs are still an important part of the economic equation, and those numbers are still unknown until the Fed’s FOMC releases the last month’s Labor Department Report next Friday.
Global tensions are still a factor in favor of safe-haven gold. With the instability in U.S./Russian relations, and North Korea promising to continue nuclear testing, the world is far from a safe and stable place. Yet, since there were no major global incidents this week, gold has been bearish, especially as of Monday.
Still, it is always a good time to own a stable, tangible precious metals investment. Even now, when many have lost focus on the world’s dangers, buying gold is a forward-thinking choice. With the current low prices of all four precious metals, the timing is right to invest in gold, silver, platinum and palladium.
This week saw declines in the spot price of gold punctuated by momentary rebounds. The yellow metal started on Tuesday at respectable $1,273 per ounce, but it was already on its way down. The price fell to $1,261.70 just before the new day. On Wednesday afternoon, gold jumped to $1,269.30 before beginning a downward trend that took it back to $1,261.20 on Thursday. Gold climbed again on Friday and ended the work week at $1,267.70. Before the end of the day Monday, the spot price of gold was down to $1,254.20.
Silver was firmly at $17.91 when our week began on Tuesday, but with the new day, prices began to decline. By Thursday afternoon, the price had fallen to $17.23. After a short spike to $17.38 on Friday, silver dropped to $17.16, where it stayed for the weekend. Silver remained fairly stable at that level until Monday afternoon, when it dropped again to $16.79.
Platinum looked good at the beginning of the week. However, its spot price of $959 fell rapidly when the market opened on Tuesday, declining to $950 in the morning. With no significant rebounds and more losses, the spot price of platinum fell to $945 on Wednesday and then to $942 on Thursday. Friday was an upward-bound day, and prices rose to $949. Just before the weekend, the price fell to $944. After a slow start Monday, the price of platinum plummeted to $927.
After a weekend at $795, Palladium fell to $790 early Tuesday morning. After the sun rose in New York, the price rose back to $799. On Wednesday, the price increased to $809 and stayed between $806 and $809 until Thursday, when it fell to $802. Another upward trend on Thursday saw palladium reach $816 and stay there until it rose to $829 on Friday. On Monday, the price began to fall, but not below its Thursday price of $815.
GMRgold is a leading precious metals investment firm that can help you start or grow your investment or collection. To learn more about the state of the precious metals market or to speak to a GMRgold investment specialist, contact us at (877) 795-9585 today!