- Posted in: Precious Metals Reports
In this week’s Market Report for Precious Metals we see some fluctuations in price with all precious metals ending up on Monday, May 16th. For most of the week things were somewhat quiet, with only minor fluctuations in precious metal prices.On Monday metals were able to make bigger gains as world markets were mostly weaker. News out of China showed that numbers for industrial production and retail sales in April were not as strong as expected. This week we will also be getting CPI numbers for the United States. Previews suggest that, “CPI increased by less than expected in April. Both noncore components (energy and food) and core components were soft, suggesting that the prior firming of core inflation was transitory. Prices of imported consumer goods declined for the second straight month in April. Given that prices of imported consumer goods and CPI’s core goods prices tend to move in tandem, there are some downside risks for core CPI in April.”
Gold started the week at $1264.85 on Tuesday, May 10th. On Wednesday gold ended at $1276.85, and on Friday it was back down to $1265.90. On Monday it ended up, settling at $1281.00. Analysts predict that if gold can end over the $1300.00 mark it will easily go up to $1350.00. In other news for gold, China’s ICBC Standard Bank purchased one of Europe’s largest vaults from Barclays in London. Barclays is pulling out of precious metals, which has allowed ICBC to step in to the European market in a significant way. Last week ICBC joined the precious-metals clearing system and last month it won classification as a market maker by the London Bullion Market Association. According to Mark Buncombe, the head of commodities at ICBC Standard Bank the purchase, “Enables us to better execute on our strategy to become one of the largest Chinese banks in the precious metals market.” There are definitely changes ahead for London’s precious metals market, the London Bullion Market Association is looking for companies to bid to create a new trading and reporting platform, and the World Gold Council is in exploratory talks with the London Metal Exchange and other banks to offer futures contracts.
Silver started the week at $17.04, and was up to $17.51 on Wednesday. By Friday silver was back down to $17.09. On Monday is got a boost along with gold and ended at $17.32. Silver is continuing its recent trend of following gold, which is expected to continue in the coming weeks.
Platinum began the week at $1046, and was up to $1057 on Thursday. It was down a bit to $1042 to end Friday. On Monday it was back up to $1053. Palladium followed along, starting at $583, and ended up at $607 on Thursday. By Friday it was back down to $592. On Monday palladium was back up to $595, still slightly below that $600 mark.
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