Weekly Market Report for Precious Metals: April 5th-11th


In this week’s Market Report for Precious Metals we see an upturn among all major metals. On Wednesday, April 6th, the Federal Reserve released notes from the meeting in March. While no new information was revealed it does seem that several central bank officials support a “cautious approach” to raising rates, and that raising as soon as April would “signal a sense of urgency they did not think appropriate.” A special meeting of the U.S. Federal Reserve was scheduled for Monday, April 11th, more information on that meeting may be available later this week. There is also a meeting scheduled between the Fed chair Janet Yellen and President Barack Obama. The probability that interesting rates will remain low is leading to a weakening dollar index, it fell to below 94 against a basket of major world currencies on Monday, and the dollar is now trading 5.4% below levels this time last year. Low interest rates and a weaker dollar lead to heavier investing in gold and silver as a store of value.

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Gold started the week at $1231.50 per ounce on April 5th. It fell a bit on Wednesday the 6th to $1221.40, and bounced back on Thursday to $1242.10. On Monday, April 11th, gold made gains again, ending at $1254.75. This brought gold to a three-week high. Investors think that gold has plenty of room to make even more gains. Capital Economics, an independent research company, predicts that gold’s rally is far from being over saying, “In particular, we expect building inflationary pressures in the US to keep real interest rates low, boosting the attractiveness of gold as a store of value. What’s more, physical demand and supply dynamics should also play in favor of higher gold prices as global mine output is expected to plateau in 2016, and demand from central banks and key consumers should remain strong.”

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Silver started the week at $15.19 per ounce, and was down to $15.07 on Wednesday. On Thursday silver was up to $15.22. On Monday silver made significant gains and ended at $15.56. This boosted silver up over 2% for the week.

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Platinum and palladium have not had as much investment interest over the last couple weeks. Platinum did make gains from $955 on Tuesday, ending at $957 on Friday then going up to $981 on Monday. Palladium is the odd metal out, starting the week at $558 and ending Monday at $547. The uninspiring performance of palladium is mostly due to negative numbers from major auto manufacturers.

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The rest of this week we will be looking for information on the Federal Reserve meetings as well as the release of CPI (Consumer Price Index) numbers, which are coming out on Thursday. The CPI data could trigger greater negative interest rates which would boost gold and silver even more.

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