- Posted in: Precious Metals Reports
This Weekly Market Report for Precious Metals saw major increases in gold, silver, platinum and palladium. In fact, gold was at a 2-1/2 week high. Gold, platinum and palladium all saw $30+ increases from March 14-March 20.
After Fed Chair Janet Yellin spoke on Wednesday, revealing a dovish attitude at the Fed with only slow interest rate hikes to be expected. At the same time, the increased probability of higher inflation and recent tendencies for political uncertainties in the global theater have combined to make gold even more attractive to investors.
Precious Metals Retain Value During Political and Economic Unrest
Despite the development of bitcoin and the country’s reliance on paper currency, precious metals have a secure place in the hearts of investors. The true beauty of gold, silver, platinum and palladium is in their ability to retain value and increase over time despite economic and political upheavals. While many are walking away with gains in the precious metals markets, it is still an excellent time to begin investing in gold or increase your gold holdings as the prices are expected to continue their overall rise through upcoming years.
The spot price for gold changed quickly, up and down, through the course of this week. On Tuesday, the 14th, the price was at $1,203.40. That day, it went as low as $1,198.50 and as high as $1,205.70. On Wednesday, the price started at $1,201.00, but rose to $1,203.80 falling to $1,199.40. Then, midday, the price started gaining, arriving at $1,224.80 by Thursday, March 16. After a high of $1,231.10, the spot price fell again to $1,224.90 on the 17th before rising again to $1,230.40. The price held fairly high for the weekend at $1,228.80. Early on Monday, March 20, the price was at $1,234.30, for a net gain of $30.90 for the week at that point.
Silver started the week at $16.95 on Tuesday. On the 15th, the price was at $16.89. Late in the day on Wednesday, the price spiked to $17.32, and moved gradually up to $17.48 on Thursday. The price began to fall, landing at $17.23 on Friday before trending upward to $17.37 for the weekend. Early on Monday the 20th, silver rose to $17.43.
The spot price of platinum was at $939 early on Tuesday. Several small fluctuations later, platinum was at $938 when Wednesday began. Just after midday on Wednesday, a rising trend started, reaching a peak of $969 on Thursday. By Friday, the price had fallen to $953. Just before the weekend, the price climbed again, this time to $963. On Monday, the price went to $965 to $960 to $970.
Palladium was at $753 when Tuesday stared. A downward trend saw the price fall to $740 before rising to $748 on Wednesday. Late on Wednesday, an upward curve began, with the price reaching $765 that day and $771 on Thursday. This gain was lost as prices fell to $764 on Friday. However, the price increased to $775 by the weekend break. Monday looked even better, with the spot price of palladium reaching $783, for a net gain of $30 to that point.
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