- Posted in: Precious Metals Reports
This Weekly Market Report for Precious Metals for December saw significant losses in precious metals, including gold, silver and palladium. In fact, this was the sixth week that gold closed down from the previous week. Platinum lost slightly, but retained most of its value.
As expected, the Fed did raise interest rates, causing the dollar to skyrocket and precious metals to drop. Although there is much optimism in certain quarters about the economy right now, president-elect will take office in a month. What will happen then is uncertain. For now, the market is experiencing a great deal of volatility as investors alternate between fear and high hopes for the economy.
Whether to enter the precious metals market or not is a difficult decision right now, considering the current price fluctuation and overall decreases. Experts are divided about whether it is a good time to buy gold or not. However, as the price of gold continues to drop, it becomes more and more appealing to both new and experienced investors. Those who buy gold at this time need to watch their positions more carefully than ever as the U.S. winds down its year and moves into new territory with an untried new president.
When the day began on December 13, gold was at $1,161.50. The price remained relatively stable until the 14th, when they dropped suddenly, first to $1,137.30 during the evening of that day, and then down to $1,128.00 by early morning on the 15th. By close of market on the 16th, the price had settled at $1,134.60. In early trading on Monday, the price rose slightly to $1,141.00.
Silver was at $17.05 on the 13th and remained steady until it began a downward trend on the 14th that ended around noon on the 15th with the price bottoming out at $15.89. The price closed for the weekend at $16.07. The price rose slightly to $16.16 just after opening on Monday, and then appeared to be starting on another downward cycle.
Platinum started the 13th at $928 before beginning to gain. By noon on the 12th, it was at $944. A steady decline led to a price of $888 on the 15th. Twenty-four hours later, it had rebounded to $932 before ending for the weekend at $925. Monday morning, platinum rose to $927, then fell back to $919 before noon.
Palladium opened at $722 the morning of the 13th. After several fluctuations, the price settled in between $726 and $728 for most of the 14th. A decline on the 15th continued through that day, dropping to $679 on the 16th. Before the weekend began, palladium was back to $695. Monday saw palladium begin a downward trend.
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