- Posted in: Precious Metals Reports
In this Weekly Market Report for Precious Metals we see gold and silver getting a boost, while platinum and palladium drop in price. Two significant meetings are coming up, the Federal Reserve meeting that ends on Wednesday June 15th, and the referendum in Britain over whether to leave the European Union June 23rd. Speculators expect that when Fed Chair Janet Yellen holds a news conference, a wait-and-see tone will be expressed. They will likely reiterate that while the U.S. economy looks fundamentally solid and higher rates will come, too many uncertainties exist to say when the Fed might raise rates again. When it comes to the UK referendum, a yes vote could have significant impact on financial markets, and the Fed wouldn’t likely want to further unnerve investors with a rate hike just a week before that vote.
Gold started the week at $1241.10, on Tuesday June 7th. By Thursday it was up to $1263.90, and it ended Friday at $1275.50. On Monday gold was up to $1284.10. This four-week high is being pushed by safe haven demand. Globally stocks were down on Monday, the Asian markets were weak and European markets traded in the red, sinking to their lowest levels in two months. This helps give gold a solid boost before the Fed meeting.
Silver started the week at $16.31, and hit $17.05 on Thursday. On Friday is was up again to $17.32 and on Monday it ended at $17.50. These are good gains for silver, pushing it above the $17.00 mark. It is unlikely that there will be any major price shifts until the Fed’s press release Wednesday evening.
Platinum started the week at $992, and was up to $1016 on Wednesday. By Friday it was back down to $996, and on Monday it was down more to end at $994. Next week mines in South African begin wage negotiations. In other interesting news, a platinum mining company is planning to use platinum based fuel cells in their underground vehicles and equipment.
Palladium started at $556 and was down to $554 on Friday. On Monday it dropped more to end at $545. Palladium has lacked a clear direction in recent weeks. This drop in price can partially be contributed to weak automotive sales in the U.S. for May, sales were down 6% compared to April.
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