Weekly Market Report for Precious Metals: March 22nd-28th

In this week’s Market Report for Precious Metals we have seen downturns in price among all major metals. The U.S. stock market was closed on March 25th for Good Friday, and European markets were closed on Monday, March 28th. It has been an unusual week in trading, particularly on Monday. Information has been released about the housing market and the PCE index. Pending home sales rose 3.5% in February, and the PCE index rose only 1% in the past 12 months. The dollar was weaker on Monday also, the U.S. dollar index was last down 0.24%. Nymex crude oil futures prices were also trading lower at just above $39.00 a barrel.

Many in the trading community are waiting for the speech from the Federal Reserve on Tuesday, hoping that Chairwoman Yellen will provide some clarity on the direction of the U.S. economy. “There have been so many different messages from the FOMC recently, I think people are confused,” said Ian Winer, director of equity trading at Wedbush Securities.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last down 0.24% at 95.93, off earlier of highs of 96.42. Read more by Clicking Here. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last down 0.24% at 95.93, off earlier of highs of 96.42. Read more by Clicking Here.

Gold

Gold was down most of the week. This seems to be due to less aversion to risk in the marketplace which is a negative for safe-haven gold. Also, there has been selling pressure recently that has invited chart-based selling from the shorter-term futures traders. Gold started the week at $1251.80 per ounce. On Thursday morning it was at $1216.45, it had gone up a bit by the evening to $1221.00. On Monday gold inched up to $1224.45. The remainder of this week will show what direction gold is going in.

2012 1 Oz. Gold American Buffalo PCGS PR70 – James Earle Fraser Label

Silver

Silver followed gold and fell this week, but not as dramatically. Silver started on Tuesday at $15.89. On Wednesday it was down to $15.58, and by Thursday it was at $15.28. On Monday silver also went up a bit to $15.31. The gains on Monday are mostly due to a weaker dollar.

2001 $1 Silver American Buffalo PCGS PR69 – James Earle Fraser Label

Platinum

Platinum and Palladium also followed suit. Platinum started the week at $981 and hit $957 by Thursday. Platinum did not make gains on Monday, ending at $949. Palladium started at $597 on Tuesday, hitting $577 on Thursday. Palladium fell only slightly on Monday to $575.

1 Oz. Platinum Canadian Maple Leaf – Common Date

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