Weekly Market Report for Precious Metals: June 28th-July 4th

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In this Weekly Market Report for Precious Metals we see gains across the board. Gold, silver, platinum and palladium all had significant price gains on the back on global market insecurity. Safe haven demand is staying strong. Markets were closed in the U.S. on Monday, July 4th, for the Independence Day holiday. Data for the Eurozone producer prices was released on Monday, figures from Eurostat showed faster-than-expected increase pace in May, after falling in the previous month. Most market action is still revolving around the political turmoil following Brexit. The coming week will be short because of the holiday and we expect similar price trends to continue.


Gold started the week at $1312.00 per ounce on Tuesday, June 28th and it stayed comfortably above the $1300 mark for the rest of the week. It hit $1320.75 on Thursday and jumped again to end Friday at $1340.00. Even though U.S. markets were closed on Monday, gold went up again to $1353.30. With gold prices holding near two-year highs the strong positive sentiment among investors is an indication that prices have enough momentum to move higher in the near-term. The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, fell to a two-year low on Monday as silver extended gains against gold.


Silver saw significant gains this week, starting at $17.57 and hitting $18.36 on Thursday. Friday it ended at $19.24. Silver is benefiting from a surge of buying in China, which helped it up more than 7%, breaking above $21 an ounce for the first time in two years. The metal has also benefited from strong technical signals. Silver ended Monday at $20.40. Silver has plenty of room to run. ABN Amro analyst Georgette Boele says, “Silver always moves faster than any other. It’s more to do with liquidity. There is momentum in the market, gold is already up a lot, and silver is still relatively cheap. It is also benefiting from haven demand.”


Platinum started the week at $979 and pushed above the $1000 mark on Thursday to $1004. Friday saw the biggest price jump, ending at $1039. Again Monday saw a significant gain, to put platinum at $1065. Precious metals are following strongly with gold, taking advantage of safe haven buying.


Palladium also saw gains this week. It started at $561 and was up to $587 on Thursday. Friday it hit $598, and finally got above $600 on Monday to end at $607. Palladium has been struggling to get back above that $600 mark for the last several weeks, it will likely remain there for the coming week.

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