Weekly Market Report for Precious Metals May 23-29

This Weekly Market Report for Precious Metals May 23-29 again saw gains in all four of our precious metals. Gold is strong and bullish, with many analysts predicting a $1,300 price for gold in the near future.
 
Federal Reserve Interest Hike Possibly Delayed

The Fed’s possible June interest hike seemed set in stone until just recently, when minutes of their meeting revealed that they might be putting off the hike for at least another month.

Uncertainty in the world has been a factor in the popularity of gold for quite some time. However, this last week has seen more shows of global threats of violence. In North Korea, Kim Jong Un has been leading missile tests and insisting that the country move forward rapidly to gain nuclear superiority. And, with the investigation into the Manchester England terrorist attack of last week compromised by leaks from and insider, fear continues to mount. Upcoming elections in Great Britain, Italy and Germany add more uncertainty to the mix, while the fate of the European Union remains in question.

If the price of gold continues to rise, investors could see excellent gains in the weeks ahead. As always, precious metals add stability to any investment portfolio and have real, tangible and stable value in the long term.

Gold

Overall, gold gained this week. Starting on Tuesday at $1,260.60, the spot price of gold fell to $1,248.70 by early morning Wednesday. Meeting that support, gold began an upward trend that hit $1,258.60 Wednesday before falling back to $1,254.40 just before the end of day Thursday. Gold then rose again, this time climbing to $1,268.90 just before the weekend. On Monday, a decline brought gold to $1,265.10, but the price at the end of the day on Monday was $1,270.00, for a total net gain of $9.40 for the week.

Silver

Silver was riding high at $17.25 as Tuesday began. After a decline in the spot price of silver over the rest of the day, the metal got support at $16.89 on Wednesday just after midnight. Moving slowly upward through the day, the spot price of silver met with resistance at $17.24 on Thursday and began falling again. Just before Friday, the price fell to $17.10, but immediately began to rise, reaching $17.32 by the weekend break. Monday saw silver start at $17.29 and then rise to a peak of $17.41 at the end of our week.

Platinum

At the start of our weekly precious metals report, platinum was at $946. A quick upturn brought the white metal to $956 before it started a more gradual decline, landing at $938 Wednesday morning. A new change in direction saw platinum rise to $949 Wednesday evening. The upward trend continued until platinum reached a peak of $953 just before noon on Thursday. The spot price of platinum fell slightly to $946 on Friday before rising to $964 just a few hours later. At the weekend, the price per ounce of platinum stayed at $959. Monday, a small, slow decline brought the price of platinum down to $953.

Palladium

The New York trading week saw palladium begin at $771. Sharp ups and downs saw palladium between $771 and $772 until it fell to $768 late in the day. On Wednesday morning, the price fell to $757, but after two short bounces in price, palladium rose to $764 later that day and then to $770 on Thursday. The metal gradually climbed throughout Friday, ending for the weekend at $789. The upward swing continued, and palladium reached $800 on Monday.

 

 

May 16th-22nd


 

This Weekly Market Report for Precious Metals from May 16th to 22nd saw significant increases in the spot prices of gold, silver and platinum but a decrease in palladium. Gold had a net gain of $27.80, silver’s net gain was $0.47, and platinum gained net $16 for the week.

Federal Reserve Will Consider Rate Hike This Summer

Anxiety is running high in the geopolitical sphere; with a bombing at Manchester Arena in Britain, Europe’s largest indoor arena, Britain is on Severe Alert.

Donald Trump’s leadership is in question with an investigation going on to determine his involvement with Russia. Trump’s ambitious campaign promises still unfulfilled. In the midst of a nine-day trip abroad, Trump promises to make a major impact, but whether that will reflect well on America is still to be seen.

Coming up in June, the Fed will meet to discuss the possibility of a rate hike. While tension in the market may come as June begins, investors seem unconcerned about it as May winds down.

Investing in gold makes perfect sense in these turbulent times. Gold is a solid, tangible, stable investment whose value is unlikely to flag anytime in the foreseeable future.

Gold

Tuesday, May 16, caught gold on a rising trend. The spot price was at $1,234 but rose rapidly to $1,238.10. The trend continued through Wednesday, reaching $1,261.30 by Thursday. After a peak of $1,263.60 that day, the price began to fall, landing at $1,246.70 before climbing to $1,252.90 on Friday. By the weekend break, gold was at $1,255.60. Monday saw gold decrease to $1,252.10 before shooting back up to $1,261.80 Monday evening. 

Silver

Silver was on an upward path Tuesday, rising from $16.69 in the morning to $16.92 in the evening. On Wednesday, the spot price of silver began to falter and fell to $16.71 on Thursday morning. After a low of $16.55, silver reversed directions and rose to $16.83, where it stayed for the weekend. On Monday, silver broke the $17.00 mark, climbing to $17.16 by midday.

Platinum

Tuesday saw platinum starting at $932. The price went up from there, climbing to $942 on Tuesday afternoon. On Wednesday, the spot price of platinum moved upwards again, arriving at $947 just after noon.  Platinum fell throughout the day on Thursday until it found support at $929 Friday morning. Platinum gained to $941 on Friday before noon and finished the week at $938. On Monday morning, platinum fell to $934 before soaring to $948 at the end of our market report week.

Palladium

Palladium was at $800 Tuesday at the start of our week, but by noon, the price was down to $787. The price continued to go down until it reached $773 Wednesday afternoon. Palladium than fell to $758 on Thursday but had a better day on Friday, moving up to $764. The spot price dropped to $758, where it stayed for the weekend. Palladium moved upward throughout Monday, reaching $769 before the day’s end.

 

May 9th-15th


 

This Weekly Market Report for Precious Metals saw all four metals fall through the first of the week before rising on Monday. Gold gained $9.20 from May 9 to May 15, Silver peaked at a gain of $0.48 from Tuesday to Monday and Platinum saw a gain of $20 in that time. Palladium gained a total of $10 by Monday morning, but the closing price for the week was down $16 from the first day of our report.

Gold Maintains Price Amidst Global Uncertainty

As global uncertainty continued this week, gold stayed above $1,200 per ounce despite selling from a large number of investors. Because the Fed is moving so carefully and slowly with rate hikes and with removing monetary supports, gold is not expected to fall below $1,200 any time soon.

The dollar has been losing steam and has actually dropped slightly, keeping interest in gold high enough to prevent a mass exodus. U.S. manufacturing data was softer than expected as well, leading many investors to hold onto their gold for now.

Although gold is down from the price it was at earlier this year, precious metals have historically maintained their value.

 

Gold

Gold started the week at $1,227 per once on Tuesday, May 9. The price that day fell to $1,216 but regained to $1,223.50 before the day was over. The price dropped over several hours, landing at $1,218 Wednesday evening. At that point, the price began a long, slow rise and ended at $1,227.50 on Friday for the weekend.  Monday once again saw the spot price of gold rise, this time to $1,236.20.

 

Silver

Silver was at $16.26 when the week began.  A downward trend brought the spot price of silver to $16.06 on Tuesday afternoon. Wednesday morning, Silver rose to $16.27 briefly, but then settled back to $16.18 until evening, when it began an upward trend. The price hit $16.34 on Thursday morning, and $16.43 on Friday morning. When trading stopped for the weekend, the price was at $16.44. Silver got a good start on Monday, peaking at $16.78.

 

Platinum

After coming off last weekend with a price of $917, the spot price of Platinum dropped sharply through Tuesday afternoon when it fell to $899. From there, the price went up and had gained to $911 by noon on Wednesday and finally back up to $917 by Thursday morning. The price continued to go up through Friday morning, when it reached $924. Platinum was at $919 when the weekend began. Monday saw Platinum soar to $937.

 

Palladium

On Tuesday, Palladium was at $807 to start. It began falling rapidly, landing at $793 Tuesday afternoon. Wednesday morning, the spot price of Palladium rose back as far as $803 but began falling shortly after, ending its downward trend at $793 Wednesday evening. The price of Palladium climbed to $809 on Thursday morning, then dropped to $799 just after noon. When the weekend arrived, Palladium was at $805. Monday saw Palladium at $817, the highest spot price for the week. However, before Monday was over, the price was back down to $791.

 

May 2nd to May 8th


This Weekly Market Report for Precious Metals shows all four of our metals decreasing in spot price from Tuesday, May 2 to Monday, May 8. Gold saw a whopping $30.60 decline. Silver’s spot price dropped $0.68 cents for this period, while Platinum dropped $22 and Palladium fell by $8.

Gold Prices Dip

Selling pressure has been the order of recent weeks, with more investors seeking to offload precious metals. The resulting lower Gold prices may continue for a short time, but analysts predict support for gold at $1,217 if the yellow metal falls that far.

The election of French President-Elect Emmanuel Macron provided a note of global optimism, decreasing the interest in safe-haven precious metals. In other world news, India has doubled its gold imports from last April to this.

The lackluster U.S. economy has failed to inspire higher prices for gold. The good news  for Gold is that this may delay interest rate hikes from the Fed, which is to continue that discussion in June.

When the selling pressure is on, the best option is often to hold onto precious metals until the timing is again right for profit. Since precious metals are stable, lasting, tangible investments, historically, they have continued to rise over the long term.

 

Gold

On Tuesday the 2nd of May, Gold was at $1,256.60. The price fell sharply that morning, landing at $1,252.30 in a few short hours before rebounding to $1,256.90. Starting on Wednesday, the spot price of Gold fell more gradually. The Gold spot price was at $1,237.70 by late Wednesday and $1,226.70 by midday Thursday. A short rising trend saw Gold at $1,234.20 on Friday morning, but it fell to $1,227.90 by the weekend. Gold spiked to $1,234.30 Sunday night. A downward trend followed, leaving Gold at $1,226.00 on Monday evening.

 

Silver

Silver started the week on Tuesday at $16.89. After briefly reaching $16.96, Silver fell over the next hours to $16.79.  Just after noon Wednesday, the spot price of Silver dropped to $16.36. More declines on Thursday saw Silver’s price per ounce fall to $16.25. After a surge to $16.48 early Friday morning, the metal fell to $16.31 for the weekend. Silver was at $16.40 early Monday, but dropped to $16.21 before the evening was over.

 

Platinum

When Tuesday arrived, Platinum stood at $932. The next hours were bumpy, with the price falling to $926 by the start of Wednesday and $896 by that evening. A gradual increase saw the spot price of Platinum at $905 on Thursday morning and $914 on Friday evening. After holding at $912 for the weekend, Platinum prices went up to $922 on Sunday night before following a downward trend to $911 on Monday.

 

Palladium

Starting at $814 on Tuesday, Palladium rose by fits and starts, peaking at $819 by Wednesday before charting a downward course to $788 on Thursday. The spot price of Palladium gained for most of the day on Friday, ending up at $815 for the weekend. Monday saw a further increase to $818 early in the day before the price dropped to $806 before the night was over.

 

April 25th – May 1st


This Weekly Market Report for Precious Metals saw gold, platinum and silver falling and palladium holding strong for most of the week. Prices for all four of these metals were in the downward mode on Monday, leaving gold at a 3-month low, platinum at a 4-month low and silver at a 7-week low.

Global Tensions Results in Favor of Safe Have Gold

On Monday, a bipartisan agreement stalled talk of a government shutdown, leading investors to choose stocks over gold in many cases because the immediate crisis had been averted. Analysts suggest that another part of the reason for the Monday drop was the headlines announcing that the Atlanta Fed Watch is predicting a much stronger GDP for the second quarter of this year. If the economy is that strong, gold is likely to continue its fall. However, jobs are still an important part of the economic equation, and those numbers are still unknown until the Fed’s FOMC releases the last month’s Labor Department Report next Friday.

Global tensions are still a factor in favor of safe-haven gold. With the instability in U.S./Russian relations, and North Korea promising to continue nuclear testing, the world is far from a safe and stable place. Yet, since there were no major global incidents this week, gold has been bearish, especially as of Monday.

Still, it is always a good time to own a stable, tangible precious metals investment. Even now, when many have lost focus on the world’s dangers, buying gold is a forward-thinking choice. With the current low prices of all four precious metals, the timing is right to invest in gold, silver, platinum and palladium.

Gold

This week saw declines in the spot price of gold punctuated by momentary rebounds. The yellow metal started on Tuesday at respectable $1,273 per ounce, but it was already on its way down. The price fell to $1,261.70 just before the new day. On Wednesday afternoon, gold jumped to $1,269.30 before beginning a downward trend that took it back to $1,261.20 on Thursday. Gold climbed again on Friday and ended the work week at $1,267.70. Before the end of the day Monday, the spot price of gold was down to $1,254.20.

Silver

Silver was firmly at $17.91 when our week began on Tuesday, but with the new day, prices began to decline. By Thursday afternoon, the price had fallen to $17.23. After a short spike to $17.38 on Friday, silver dropped to $17.16, where it stayed for the weekend. Silver remained fairly stable at that level until Monday afternoon, when it dropped again to $16.79.

Platinum

Platinum looked good at the beginning of the week. However, its spot price of $959 fell rapidly when the market opened on Tuesday, declining to $950 in the morning. With no significant rebounds and more losses, the spot price of platinum fell to $945 on Wednesday and then to $942 on Thursday. Friday was an upward-bound day, and prices rose to $949. Just before the weekend, the price fell to $944. After a slow start Monday, the price of platinum plummeted to $927.

Palladium

After a weekend at $795, Palladium fell to $790 early Tuesday morning. After the sun rose in New York, the price rose back to $799. On Wednesday, the price increased to $809 and stayed between $806 and $809 until Thursday, when it fell to $802. Another upward trend on Thursday saw palladium reach $816 and stay there until it rose to $829 on Friday. On Monday, the price began to fall, but not below its Thursday  price of $815.

 

April 18th-24th


This Weekly Market Report for Precious Metals saw decreases for gold, silver, platinum and palladium, although the median price was higher than last week. Factors influencing the prices of precious metals this week included the French election, a new fight in the U.S. government over the debt ceiling, and tensions in North Korea. Election results in France favored Emanuel Macron and supported the price of the eurodollar after concerns that France would abandon the European Union decreased. The Fed indicated that a rate hike was in the offing, despite earlier talk of keeping the rate stable. However, as fears rose concerning the situation in North Korea and a possibility of a government shutdown in the U.S., investors flocked to safe haven precious metals. In a world racked with fear, precious metals are more popular than ever overall. Regardless of the decreases this week, gold, silver, platinum and palladium are stable, tangible investments that will tend to hold their value in the long term, despite global uncertainties.

Gold Gold was high overall this week, despite large fluctuations in its spot price over the course of the reporting period. The yellow metal started on April 18th at $1,283.40. Shortly afterwards, the per ounce price shot up to $1,291.30. A gradual decline brought the price down to $1,277.80 on the 19th. The price remained near that level until it spiked to $1,282.40 on the 20th.  Gold fell to $1,2890, landing at  $1,283.90 for the weekend. Immediately upon opening on Monday, the market saw a rapid decline with prices falling to $1,268.20. A slow increase brought gold to $1,278.20 on the 24th.

Silver The spot price of silver started the week at $18.36. On the 19th, the price fell to $18.03 and regained to $18.18 by the 20th before bottoming out at $17.88. Silver was at $17.91 when the weekend began. After the market reopened on the 24, silver fell to $17.72 and ended later that day at $17.91.

Platinum Platinum peaked early in the week at $984 before falling to $962 on the 19th. Another increase on the 20th saw the price rise to $978 on the 20th. On the 21st, the price fell to $970.  A slow decline on the 24th resulted in a spot price for platinum of $954.

Palladium Palladium started the week at $791 but the price dropped quickly to $771 on the 19th. The 20th saw palladium increase to $803. Palladium ended the trading week on the 21st at $794. The price increase to $800 on the 23rd and then fell to $791 on the 24th. If you’d like to learn more about investing in Precious Metals or starting your own numismatic collection contact a GMRgold representative at (877) 795-9585 today for a free consultation!

 

April 11th – 17th


This Weekly Market Report for Precious Metals shows positive gain movement for gold, silver, platinum and palladium for most of the week. Although prices began to drop on April 17, the geopolitical situation as well as U.S. national economic news are leading experts to suggest dramatic potential gains in the near future. Analysts are saying it is altogether possible that gold will reach $1,400 per ounce before the end of 2017.

Investors Can Take Advantage of Gain in Precious Metals Market

President Trump’s promise to lower taxes to 15% has not yet had any traction. With the Trump Administration’s focus on passing the American Health Care Act, tax reform will likely be delayed at least until August. Investors are using this opportunity to take advantage of gains in precious metals. As tensions heat up in Syria, Afghanistan and North Korea, investors are turning more and more to the safe haven of gold. During the downward fluctuations, buyers are adding to their gold holdings. When gold reached a new high on Monday, the 17th, profit-taking caused the price to go down slightly late in the day. As always, precious metals offer long-term stability and great profit potential in these difficult times.

Gold

Gold started the week at $1,257.40. The price rose quickly, reaching $1,276.60 before end of day. On the 12th, the price rose even higher, to $1,286.60. For most of the day on the 13th, gold was at or near $1,287.80. On the 16th, another gain saw gold reach $1,294.20. On the 17th, the price fell to $1,291.40, yielding a weekly net gain of $35 per ounce.

Silver

When our weekly PM report started on the 11th, silver was steady at $17.94. The spot price rose during that day, reaching $18.37. A gradual upward trend began on the 12th, peaking on the 13th at $18.66. A slow decline leading up to the weekend saw gold fall to $18.52. The price began on the 16th at $18.60, but fell to $18.33 on the 17th. The net gain for the week, then, was $0.66.

Platinum

Platinum saw significant gains during the week. The spot price started on the 11th at $944. By the 12th, the price was up to $968. On April 13th, another climb saw platinum reach $976 and was followed by a slow decline, falling to $972 by the end of the day. The 16th saw the price reach $981. After a high of $988, the price of platinum decreased to $979 on the 17th, making for an overall gain of $35 for the week.

Palladium

While the increase in spot price for palladium was not dramatic, the metal did show a weekly net gain of $11. Starting at $792 on the 11th, the price reached a peak of $805 before the day concluded. After declining to $790 early on the 12th, a long, slow increase saw a new peak of $806 on the 13th.  Later that day, a gradual decline began with the price falling to $794. On the 16th, palladium moved upward again, gaining to $873. If you’d like to learn more about the Precious Metals Market or how to start your own investment or collection, contact a GMRgold representative at (877) 795-9585 today for a free consultation!