- Posted in: Precious Metals Reports
In this Weekly Market Report for Precious Metals we see prices drop mid-week with some positive gains on Monday, August 15 2016. The Federal Reserve is again giving investors signs that they will not raise interest rates at their next meeting. As has been usual lately the markets are reacting to this news. The dollar is weaker, which is good for gold. Employment numbers are up, but spending is down and it seems that wages and inflation are remaining stationary. News out of Japan shows that GDP growth was an annualized 0.2% in the April-June quarter, weaker than a 2% expansion in the first three months of the year. From China, Shanghai’s top index is up to highs that have not been reached since January.
Gold started the week at $1332.90 per ounce. On Thursday it was up to $1355.00, and on Friday it was down to $1336.70. Monday saw gold rise to $1343.50. Gold is being assisted by the weaker dollar. The Federal Reserve now stating that caution is necessary will likely continue to keep the dollar lower and will boost gold further. Investors will look for gold to continue to rise and if it breaks the $1450 point in the coming months it will continue to go toward $2000.
Silver began the week at $19.70, on Thursday it was up to $20.21. On Friday it ended below the $20 mark at $19.87.On Monday silver got a boost up to $19.90. Silver is following gold’s trend and being boosted by the weaker dollar and news of continued low interest rates.
Platinum started the week at $1144. On Tuesday platinum hit a 17-month high. $1182 at the end of Tuesday. On Friday it was back down to $1146 and on Monday it ended down again at $1129. The automotive industry accounts for about 40% of the platinum demand and strong auto sales are helping to boost prices.
Palladium began the week at $686 and was up above the $700 mark again on Tuesday, ending at $730. On Friday palladium dropped back down to $692. It ended Monday at $694. Strong auto sales are also boosting palladium and forecasts show that supply will be down 4% while supply continues to increase resulting in continued price gains.
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