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

In this Weekly Market Report for Precious Metals we see all metals continuing to hold strong prices. On Friday, July 8th the U.S. jobs report for June had significant numbers. Nonfarm payrolls rose by a seasonally adjusted 287,000, which was a dramatic rebound from the 11,000 jobs created in May. The unemployment rate rose to 4.9% after falling to 4.7% in May. News from Japan that Prime Minister Shinzo Abe’s government claimed a major election victory over the weekend, which boosted Japan’s share market. Tokyo’s benchmark Nikkei 225 closed up 4%. From the UK, the current Prime Minister David Cameron has confirmed that he will leave his post by Wednesday evening. The U.S. job’s numbers caused some investors to question whether the Federal Reserve will make a move on interest rates, but that remains unlikely especially with the uncertainty around Brexit and Italian banks. Investors are looking to second quarter earning reports, which will start to be released this coming week.


Gold started the week at $1344.75 on Tuesday, July 5th. Wednesday saw a week-long high price of $1370.00. On Thursdaygold was down slightly to $1356.70 and Friday ended at $1354.25. On Monday gold was up a bit to $1361.05. Gold certainly still has the potential to break through, even up to $1400.00. Investors are remaining constructive on the precious metals market. Right now, gold is in neutral territory, it is still a good time to invest. The market can move $10 in either direction without breaking the range.


Silver started the week at $19.73 and hit $20.43 on Wednesday. On Friday silver was down slightly to $19.72 and on Monday it ended up at $20.50. Silver futures finished higher Monday and closed at a new two-year high. Silver is now fairly valued when compared to gold. It has the potential to move into the $21-$22 range if gold continues to make gains.


Platinum started at $1057 and was up to $1086 on Thursday. On Friday it was down slightly to $1082. Platinum saw strong gains on Monday, ending at $1104. The firms that mine the precious metal and the labor unions that represent their workers are in talks next week, trying to hammer out a deal that could avert a strike. The Association of Mineworkers and Construction Union (AMCU) is demanding a pay rise of 56%, in line with a living wage, while the National Union of Mineworkers is asking for a 20% wage hike. The mining companies say they can’t afford the pay increases, arguing that last year they were forced to tap shareholders to raise cash, and that the unions’ demands are unrealistic.


Palladium began the week at $595 and was up above the $600 mark on Thursday, ending at $608. On Friday it was down slightly to $606. Palladium also saw significant gains on Monday, ending at $620.

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