- Posted in: Precious Metals Reports
This weekly market report for precious metals for December 6-12 saw declines in gold, platinum and palladium. Silver didn’t lose over all, but there weak moments during this period. With Trump’s recent influence on the economy, generated in part by his choices for administration posts, investors are moving away from safe haven precious metals and toward riskier stock market investments. The stock market has continued to rise, reaching new all-time highs this week. The dollar is incredibly strong. None of this bodes well for precious metals in the short term, but for those who are looking for stability, gold, silver, platinum and palladium may actually offer more generous long-term rewards.
Next week, the Fed will discuss whether to raise interest rates. Nearly everyone in the know about market issues believes these raises will go forward. If that happens, recession becomes more likely. As debts become more of an issue, it will be more important than ever to avoid borrowing money to make investments.
Buying precious metals right now may be the best way to take advantage of the current optimism that is pervading the marketplace. Only when President-elect Trump takes office will investors know for certain which way the economy will go under his leadership. If the economic situation gets worse, the gold you buy now at low prices will be worth more in the coming year. If, on the other hand, Trump succeeds in boosting the marketplace, any precious metals you have bought during this time of uncertainty are likely to see gains only for those who hold onto it.
Gold traded in the 1160s and 1170s for the first part of the week before dipping back into the 1500s. Starting at $1,171.50 at opening on Tuesday the 6th, the spot price of gold was down slightly to $1,167.60 by the 7th. Wednesday saw a better day for gold, with the spot price reaching the upper 1770s twice and staying in the 1770s throughout the day. Thursday, the price stayed at this level for most of the day before declining to a low point of $1,165.70 before the end of the day. Prices fluctuated during the day Friday, but fell off to $1,158.30 before the day was out. Monday, there were frequent changes in direction, with prices going up and down between $1,159.00 and $1,152.00.
Silver started on Tuesday at $16.80, dropped slightly, and then stayed in the 16.60s before getting back to the 17.10s on Wednesday. Thursday saw a slow downward trend as silver prices reached $16.85 before the trend made a brief reversal, rising back to $17.04, but the price was back down to $16.80 by the end of day on the 9th. On Monday the 12th, the silver price fell to $16.68 before rebounding to $16.88.
While platinum has seen some gains at different times during the week, there have been more decreases than increases overall. Starting on Tuesday that 6th, the spot price of platinum was $938.00, but it declined to $926.00 on Wednesday before rising to $950.00. By midday on the 9th, the price was down to $914.00. Platinum started the day on Monday with prices between $909.00 and $917.00.
December 6th was the only day this week when palladium reached as high as $750.00. On Wednesday the 7th, the price fell to $726.00 and never recovered past $737.00 until the 9th. In fact on the 8th, it dipped to $718.00 at one point. Palladium was at $728.00 before the weekend. The prices during the day Monday were between $735.00 and $727.00.
If you’d like to learn more about investing in precious metals, contact a GMRgold representative at (877) 795-9585 today or browse our amazing selection of gold, silver, platinum and palladium products right here on GMRgold.com!