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Markets Brace for Hurricane Irma

Daily Gold & Silver Market Report – 09/08/2017

Concerns over the potential impact of Hurricane Irma on the Florida coast and continuing tensions with North Korea forced the U.S. dollar to remain at 32-month lows. Market participants seemed to care less about comments from the Federal Reserve regarding further interest rate hikes and were more concerned with Irma following the extensive damage already done in south Texas. Nonetheless, Saturday could be a big day with Irma expected to reach the Florida coast and North Korea celebrating their nation's founding (SeekingAlpha.com).

Gold Prices Hit 1-Year Peak

With the dollar losing strength from weaker-than-expected U.S. jobs data as well as heightened concerns as North Korea prepares to celebrate their “Independence Day” this weekend, the price of Gold managed to reach its highest in more than a year. Jeffrey Halley, senior market analyst at OANDA, said, “Gold continues breathing thin air at these rarified levels with the next technical target at $1,375 [per ounce].” Reuters Reporter Apeksha Nair said, “The dollar index was down 0.5 percent at 91.177 against a basket of six major currencies.” Additionally, President Donald Trump said Thursday although he would prefer not to use force to counter North Korea's nuclear and missile threats, it would be a “very sad day” for their leadership if he did. Such comments caused worry among investors and traders within their market positions. Further, New York Fed President William Dudley said the Fed should continue gradually raising rates given low inflation should rebound, which could potentially pressure Gold prices.

  • Silver prices gained 0.4 percent to $18.15 an ounce.
  • Palladium added 0.6 percent to $961.00 an ounce, but was set to record its first weekly decline in seven weeks.
  • Platinum prices climbed 0.3 percent to $1,018.00 an ounce, after earlier hitting its best since March (Reuters.com).

At 10:03 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,347.70 Down $0.30
  • Silver, $18.13 Down $0.01
  • Platinum, $1,012.10 Down $3.70
  • Palladium, $939.30 Down $16.60

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

Could The Price of Gold Hit $1,400?

Daily Gold & Silver Market Report – 09/07/2017

Many analysts and investors have kept a close eye on the yellow metal, especially since it passed the $1,300 per ounce hurdle. Some market experts, according to CNBC, say Gold prices could strength even further to reach the $1,400 per ounce mark. According to Nizam Hamid, ETF strategist at WisdomTree, “The current period of elevated uncertainty, both in terms of U.S. domestic policy and in foreign diplomacy, is supporting Gold prices.” He added earlier Thursday, “There is real potential for Gold to continue to rally, especially if mainstream investors get in on the trade.” CNBC Reporter Luke Graham says Gold is up 2.45 percent over the past week and up nearly 16 percent year-to-date. 

The Value of Platinum Shows Potential Within Investors

Not only a rare Precious Metal, but one with multiple purposes, Platinum is seen as a ‘double threat’ within the markets. The majority of Platinum comes from South Africa and Russia and the metal has the highest density among all Precious Metals on the U.S. futures exchanges. Platinum is also seen as an investment metal that holds great value, allowing it to be used for many different purposes including jewelry. In 2014, Platinum reached its highest peak at $2,308.80 per ounce, according to SeekingAlpha Reporter Andrew Hecht, but has since been the weakest-performing Precious Metal. What does that say to market-watchers? Although Platinum prices are not where they used to be, it has the potential to reach those levels again; in other words, this could be the time to buy and store.

Oil Markets Affected by Extreme Weather

Although recovery from Hurricane Harvey has begun, the impact will be felt for weeks. Oil refineries closed, pipelines shut down and tankers held out to sea, causing gas prices across the country to rise as supply ran to extreme lows, especially in Texas. According to a report from the New Orleans-based Times Picayune, actual damage to facilities are although relatively minor. The issues lie in staff members being unable to return to work, along with chemical leaks and pollutant spillages. The clean-up, in addition to repairs, could take months. A report by NASDAQ said, “The impact of Harvey has had some market watchers ponder the vulnerabilities of the U.S. energy infrastructure, the bulk of which is located in the Gulf region.” As these facilities come back on line, Hurricane Irma is gearing up to hit Florida. While the Gulf and East Coast regions are both vulnerable to such weather events, bigger, more unpredictable storms could upset both supply and demand. During these times, traders turn bullish with their investments.

At 11:03 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,348.60 Up $11.90
  • Silver, $18.17 Up $0.24
  • Platinum, $1,012.70 Up $6.60
  • Palladium, $945.60 Up $6.70

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

Gold Prices Near 1-Year High

Daily Gold & Silver Market Report – 09/06/2017

Tension surrounding the Korean peninsula paired with a lower U.S. dollar helped the price of Gold gain some ground Wednesday, just reaching one-year highs. Danske Bank Analyst Jens Pederson said, “These extraordinary factors are also weakening the dollar from the point of view that the [Federal Reserve] may further postpone normalization of monetary policy, which would be good news as it would keep a lid on U.S. yields.” Moreover, Reuters Reporter Pratima Desai said, “A potential standoff over the U.S. federal debt ceiling has raised alarm bells among investors who fear a repeat of 2011 when a prolonged showdown over increasing the borrowing limit and subsequent downgrade of U.S. credit quality led to slump in the S&P 500 stock index.” INTL FCStone Analyst Edward Meir says worry among investors could rise as the possibility of another missile launch this Sept. 9, North Korea’s Independence Day. Meir is a firm believer that “any further wobbles in U.S. equities could provide further support and perhaps nudge [Gold] towards our $1,390 [per ounce] price target.”

Silver Values Shed Some Light

For the first time since April, Silver prices held steady around $18 an ounce. In fact, Sam Bourgi with EconomicCalendar.com says the gray metal “rebounded more than 11 percent over the past month.” Interestingly enough, Bourgi found over the past 30 days, the Gold/Silver ratio, which helps determine when to buy or sell Precious Metals, declined 3.3 percent, with one ounce of Gold equaling 75.05 ounces of Silver.

Hurricane Irma Causes More Fear

The extent of Hurricane Irma's potential damage, and economic impact, has yet to be determined as the U.S. recovers from Hurricane Harvey. FX Empire's Colin First said, “The U.S. futures have been flat so far as the stock markets have had some grim trading around the world.” The lack of progress within the euro and dollar have been the focus Wednesday, which boosts safe-haven assets such as Precious Metals. This, combined with other global risks and uncertainties, First says investors are holding off from selling too much or too little, which is almost swaying the markets.

At 11:40 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,341.90 Up $0.00
  • Silver, $18.06 Up $0.10
  • Platinum, $1,010.60 Up $2.60
  • Palladium, $948.90 Down $15.10

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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