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Silver Rates on Track for Second Straight Weekly Gain

Daily Gold & Silver Market Report – 05/26/2017

Spot Silver prices were on track for a second consecutive of week gains with help from a weaker U.S. dollar and risk aversion. Economic Calendar Reporter Sam Bourgi reported, “The dollar declined slightly against the [Japanese] yen after government data showed another monthly rise in Japanese core inflation.” However, after weeks of seeing sharp declines, the dollar is stabilizing as the Federal Reserve looks toward an interest rate increase at its next monetary policy meeting June 13-14, where the Fed will also cover GDP, unemployment and inflation. Bourgi reported Silver rates are on track to gain more than 2.5 percent for the week.

Gold Rates Get A Lift

Renewed geopolitical jitters, thanks to North Korea this time, saw Gold prices trying for back-to-back gains early Friday. After focusing on the dollar for most of the week, metal traders suspect a short-term driver has emerged for the yellow metal, MarketWatch News Editor Rachel Koning-Beals said. According to Politico and other news outlets, at a meeting with Japanese Prime Minister Shinzo Abe, President Donald Trump reportedly said the “big problem” of North Korea’s ambitions for a nuclear weapon will be dealt with, telling listeners “you can bet on that.” Furthermore, according to CME’s FedWatch tool, financial markets are currently pricing in an 83 percent probability of an interest rate increase, which could cut demand for dollar-priced Gold for investors using other currencies. Christopher Louney, commodities strategist at RBC Capital Markets, said in a note, “While the firing of FBI Director James Comey helped ‘Trump up’ Gold prices, the recent [Federal Open Market Committee] minutes from the May 2-3 meeting reinforce the Gold-negative macro environment and thus support the prospect of a slow ‘trickle down’ in Gold prices over the medium term absent geopolitical/political risks.”

Stock Futures Hold Lower

As Keris Alison Lahiff with reported, “Stock futures pointed to a lower open  on Friday with the S&P 500 [down 0.17 percent] and NASDAQ [down 0.1 percent] on track to snap a six-day winning streak and retreat from records.” Although there were some gains surrounding consumer growth and business investments, Lahiff said that “overall economic performance over the first quarter remained somewhat weak as a cautious consumer and delayed winter weather depressed growth.” In addition to an expected interest rate hike, most members of the Fed's monetary policy committee also supported a plan to gradually reduce their $4.5 trillion balance sheet, which could begin as early as this year. Lahiff said, “A tighter monetary policy is seen as the Fed's vote of confidence in the health of the economy.”

At 11:10 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,269.50 Up $10.30
  • Silver, $17.45 Up $0.15
  • Platinum, $966.90 Up $11.50
  • Palladium, $792.40 Up $18.40

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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.

Spot Gold Prices Find Support After FOMC Meeting

Daily Gold & Silver Market Report – 05/25/2017

Following Wednesday’s Federal Open Market Committee (FOMC) meeting, spot Gold prices regained traction within the market. Pablo Piovano with FXStreet said, “Members of the Committee have suggested as well that further evidence of the ‘transitory’ slowdown in Q1 is needed in order to assess the Fed’s future steps,” causing additional uncertainty around the U.S. dollar. Although Gold prices have traded in the upper end of the recent range, Piovano said the yellow metal “is advancing for the first time after two consecutive pullbacks.” The FOMC has kept its view of a gradual tightening of the Fed’s monetary conditions in the next months, causing uncertainty surrounding the dollar, drawing investors toward safe-haven assets like Gold and Silver.

Silver Prices Continue Uptrend

After several lateral moves earlier in the week, Silver rates managed to rise Thursday as the multi-week uptrend continued. Sam Bourgi with said, “Silver’s continued recovery hinges upon a few technical hurdles that, if breached, could lead prices back toward the April swing high north of $18.50 [per ounce].” One of the main catalysts behind the recent uptick in the Precious Metals market is the weak U.S. dollar. Shortly after the latest Fed meeting minutes showed policymakers would strongly consider raising interest rates at June's Fed meeting, the greenback failed to rally.

Oil Prices Slip

The Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC members agreed to extend production cuts, adding an additional nine months, pushing the cut of 1.8 million barrels per day (bpd) through March 2018. However, Reuters Reporter Julia Simon said, “OPEC's decision to extend production curbs fell short of expectations of deeper or longer cuts,” causing oil prices to fall early Thursday morning. Such cuts have helped push oil back above $50 a barrel this year, giving a fiscal boost to producers. Saudi Arabia's energy minister, Khalid al-Falih claimed he and other ministers saw no need for further reductions of oil output. As Simon explains, The global glut of supply has proved difficult to draw down even after OPEC agreed to cut production in the first half of the year. ... [However] Rising U.S. production may continue to offset OPEC's cuts, even though refining runs have touched record levels in the United States in recent weeks.”

At 2:09 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,257.90 Up $2.00
  • Silver, $17.28 Up $0.06
  • Platinum, $953.40 Up $3.60
  • Palladium, $773.90 Up $7.20

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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 Drop From 3-Week High

Daily Gold & Silver Market Report – 05/24/2017

With the U.S. dollar finding support on a weakened euro following a suspected terror attack in England, Precious Metal prices settled lower Tuesday, with Gold retreating from its three-week high. Financial markets were cautious following the apparent suicide bombing at a concert venue in Manchester. Still, Silver and Gold rates continue looking for clues regarding an interest rate hike next month. Bill Baruch, chief market strategist at iiTRADER, told MarketWatch, “This is a sell opportunity in Gold. It is beginning to stall and with a June rate hike probability just under 80 percent. ... I think Gold will stay contained into the June [Federal Reserve] meeting and a tremendous buy opportunity after.” MarketWatch Markets Reporter Myra P. Saefong and News Editor Rachel Koning-Beals said, “Minutes from the Fed’s most recent meeting will be released Wednesday at 2 p.m. (ET), which may deliver more guidance on the central bank’s plans to engineer another interest-rate hike at its policy meeting June 13-14.”

U.S. Dollar Index is Prepping Silver Rates for Enormous Rally

Analyst Hubert Moolman with suggests Silver prices could rally, similar to the late 70s. After comparing charts over the period of the first phase of the 70s Silver bull market and the current era (2001 to 2017), Moolman believes “the U.S. dollar index will fall significantly during the coming months.” He continues, explaining, “a meaningful Silver rally is dependent on whether the March 2017 peak is the actual peak for the [Dow Jones industrial average]. If it is not, then we will have to wait longer.”

President Trump Wants to Sell Half of Oil Reserve

As CNN Money reporter Matt Egan explains, “Except for the fact that the sale would be done over time, little is known about the exact timing” of President Donald Trump's desire to sell off half the oil currently held in the strategic reserve, a complex of tanks and deep underground storage. Egan said, “Trump's fiscal 2018 budget estimates it would generate roughly $16.6 billion over the next decade. It's true that the U.S. shale oil boom has dramatically altered the global energy landscape, turning America into a leading producer and reducing dependence on imports.” However, that same surge also produced an excess that the Organization of Petroleum Exporting Countries is still fighting to clear. Some energy analysts warn that selling half the strategic petroleum reserve (SPR) could backfire. Carl Evans, senior crude oil analyst at energy market research firm Genscape, said, “It's a bit concerning. You're reducing the government's budget deficit, but you're putting more risk onto the consumer. That's who is going to pay for it.” Congress recently agreed to oil reserve reductions that would remove more than 150 million barrels from the SPR. It is unclear if Trump's planned 50 percent takes those agreements into consideration. On the other end, Egan says some analysts believe “now is the perfect time to unload some of the strategic oil reserve, especially because there are costs linked to maintaining this complex that is located in Texas and Louisiana.”

At 10:57 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,255.40 Down $2.90
  • Silver, $17.18 Down $0.06
  • Platinum, $948.90 Down $3.00
  • Palladium, $765.30 Down $11.10

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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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