- Posted in: Precious Metals Reports
In this Weekly Market Report for Precious Metals, we saw increases in gold and platinum, but decreases in silver and palladium. Although the issue of a rate hike from the Fed is far from settled, investors continue to bet on the rising strength of the dollar. The meeting this Wednesday won’t likely reveal much. Traders are more interested in what will happen at the December 14th meeting, since it is after the presidential election. Along with the optimism about the dollar comes uncertainty about what gold prices will do if the dollar continues its climb.
While the price of gold has been on a slight downward trend, it climbed gradually all week, ending at $6 per ounce higher on the 31st than it started on the 25th. With upcoming changes in the membership of the Fed, gold investors are beginning to show more optimism that there may be no tax hike in the near future.
Platinum enjoyed an upward trend throughout the week, with only a small decrease on the 31st. The white metal has already surpassed price predictions made earlier in the year. The reason may be related to better reporting of uses by the automotive sector and industry in general.
What looks like a bear flag in the silver market is now being called a false flag. Silver has been down this week, but experts predict that it has reached a turning point. If so, that would make the upcoming week a great time to invest in silver.
Gold started the week at $1,267.00, but had dropped to $1,265.55 by the end of the day. However, it rebounded nicely, moving up to $1,270.50 by close on the 26th and ended at $1,273.00 on the 28th. As of the writing of this blog gold has shot up to $1,291.80!
Silver started the week at $17.73 on the 25th, then lost to $17.66 on the 26th, where it held steady until the 27th. On the 28th, silver moved downward again, this time to $17.61; but has since rebounded with gold and is currently sitting nicely at 18.38.
Of the four major precious metals covered in this report, platinum saw the greatest gains. Starting at $951.00 on the 25th, it trended upward through the week to end on the 28th at $972.00 per ounce; and is now sitting at $993.00.
The news for palladium this week was not overly positive. It began the week at $640.00 per ounce on the 25th and decreased to $631.00 by close on the 26th. By the next day’s close, it was down to $617.00. Palladium closed at $616.00 on the 28th, which came in at $15 less per ounce than it started on the 25th.
Interested in learning more about the precious metals market? Contact a GMRgold precious metals expert at (877) 795-9585 today! Don’t forget to ask about the Precious Metal IRA which can help you protect your investments against unforseen economic downturns.