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In this Weekly Market Report for Precious Metals we did not see much movement in prices. Silver has the most significant change, dropping about $0.50 over the week. The end of August is usually slim for stock trading. Many traders are on vacation and we are seeing that reflected in minimal movements in markets in the U.S. and Europe. The highlight of this week will be the Federal Reserve’s annual meeting where central bank officials convene at the Monetary Policy Symposium in Jackson Hole, Wyoming. At the two-day meeting members will discuss monetary policy Friday, August 26, Fed Chair Janet Yellen will give a speech providing context to the economy’s outlook for rates. Investors expect Yellen’s speech to be optimistic and an upbeat report about the economy. It is still very unlikely that the Fed will raise rates in September, but investors do expect some market volatility after her speech on Friday.
Gold started the week at $1349.10 per ounce and on Wednesday it was down to $1343.35. Thursday saw slight gains, bringing gold back up to $1350.05. On Friday prices dropped again to $1346.40. Monday, August 22, saw only small drop down to $1340.90. This is a sideways trading range, with little overall movement. Gold will likely remain between $1330-$1350 until after Labor Day, with some chance that Friday’s speech could trigger a breakout.
Silver had the most significant change this week, hitting a seven-week low as prices are in a down trend. Silver began the week at $20.03 and on Thursday it was down to $19.78. On Friday silver saw a significant drop down to $19.41, andMonday saw another big drop down to $19.05. Silver has been a little overvalued compared to gold, now it is settling closer to 71 to 1 ratio, which is a better buy.
Platinum and Palladium
Platinum started the week at $1126 and was down a bit to $1122 on Thursday. Platinum dropped a bit more on Friday, ending at $1106. There was minimal change on Monday with the metal up slightly to $1108. Palladium started the week at $698 and was up to $711 to end Friday. Palladium ended Monday down again to $692. Both precious metals are stuck in the same sideways trading pattern as gold, which will likely continue until after Labor Day.
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