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Precious Metals Know How to Take a Punch

Daily Gold & Silver Market Report – 07/20/2017

As the U.S. dollar weakens and physical demand strengthens, many investors are waiting for Precious Metals to jump. The Street Real Money Reporter David Williams, Jr. says as fall season, spot prices are setting up for a positive finish to the year. Both U.S. and geopolitical events contribute to a potential surge in the commodity currencies. An interesting development has been the resurgence of the crypto-currency market. However, questions remain as to how long that will continue and if a crash is inevitable. Nonetheless, Williams says, “What is clear is that many forms of alternatives to the dollar are showing signs of strength in the marketplace.”

Gold Prices Drop Ahead of ECB Meeting

Money Control reports the European Central Bank (ECB) is “expected to lay the groundwork for an autumn policy shift when it meets” Thursday, as investors expects clues regarding the outlook for its stimulus program. ANZ research said in a note, “Investors remained cautious heading into (Thursday's) ECB meeting, where there are expectations of a more hawkish stance.” According to reporters Nithin Prasad and Arpan Varghese, “The euro held near a 14-month high against the U.S. dollar on Thursday ahead of the ECB gathering.” Gold prices will remain positive as long as U.S. dollar weakness persists, said ICBC Standard Bank Tokyo Branch Manager Yuichi Ikemizu says. Ikemizu said he doesn’t see spot Gold prices going any lower than $1,200 an ounce with people being less bearish.

At 3:46 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,246.00 Up $1.00
  • Silver, $16.41 Down $0.01
  • Platinum, $930.00 Up $4.80
  • Palladium, $853.20 Down $12.90

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 Pulls Back From 2-Week High as U.S. Dollar Steadies

Daily Gold & Silver Market Report – 07/19/2017

Gold slipped back near $1,240 an ounce Wednesday as the U.S. dollar regained some strength from its 10-month lows. Jan Harvey with Reuters says ,“Gold prices had risen nearly 2 percent by late Tuesday from early Friday levels as the collapse of U.S. President [Donald] Trump's healthcare bill and waning expectations for further rate hikes from the Federal Reserve this year pressured the dollar. The U.S. currency edged up 0.2 percent against the euro on Wednesday but stayed on the defense as investors wagered any further tightening in the U.S. would be slow at best, while optimism on China's economy underpinned Asian shares and commodities.” ING Analyst Warren Patterson says they have a more optimistic view of spot Gold, saying, “We believe a large part of the interest rate hike (and) monetary tightening expectations are already priced in, so we don't think that should weigh too much more on Gold prices.” Despite a strong start to the year, Gold prices were hindered by expectations U.S. monetary policy is on a tightening path, keeping the yellow metal in a narrow range in the last quarter.

Charts Show Possible Upcoming Rally for Silver Prices

Silver, along with other Precious Metals, has been through a lot as of late and is, as Steven Knight says, “becoming trapped below a declining trend line and changing economics in the demand and production.” In recent news, FXStreet reports there are daily technical indicators which could affect spot prices in the coming week. “Although the fundamental factors are long term in nature, the rising supply deficit largely agrees with what has been seen in the physical metals market with rising prices for actual Silver coins and bars. Subsequently, it is no surprise that some bullish technical factors are now also starting to appear in the daily charts.” Analysts say there are various technical factors providing hints at where Silver could head, suggesting there is momentum for an upside move. Nonetheless, Silver can break its current downtrend, Knight says, “if a break above this level is relatively conceivable in the coming weeks given a range of factors.”

Oil Prices Continue Gains

CNBC and Reuters report a U.S. commercial crude inventory decline of nearly 4.7 million barrels the week to July 14, far above the expected 3.2 million barrel decline. Gasoline supplies also dropped by 4.4 million barrels, far more than the expected 665,000. Oil prices continue gains Wednesday following both of these steep declines. CNBC's Tom DiChristopher said, “Supplies from the Organization of the Petroleum Exporting Countries (OPEC) also remain high, largely due to rising output from member states Nigeria and Libya, casting a shadow on efforts by the group to rebalance the market. ... Crude prices are down around 15 percent this year, making oil one of the worst-performing commodities in 2017.”

At 1:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,244.70 Down $0.40
  • Silver, $16.41 Up $0.03
  • Platinum, $925.80 Down $6.50
  • Palladium, $867.10 Down $5.30

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.

Silver Doubles Gold's Gain

Daily Gold & Silver Market Report – 07/18/2017

BullionVault.com reports spot Gold price gains of 0.5 percent “were doubled by Silver bullion in London trade Monday as world stock markets stalled at new all-time highs and major government bond prices rose.” Adrian Ash, director of research at BullionVault, said, “Gold price gains were muted in non-dollar terms as the U.S. currency extended its recent drop, while Silver recovered the lows of its July 3 slump at $16.19 per ounce.” Additionally, Platinum reached its one-month high to $934 per ounce. Currency strategist Steven Barrow at Chinese-owned investment and bullion bank ICBC Standard said, “Domestic factors in the U.S., and especially weak inflation data, suggest that yields will edge back down.” Additionally, further rate hikes remain in sight as investors await clues as to when and how much.

Dollar Falls, Gold Prices Rise as U.S. Reform Hopes Dim

The U.S. dollar slid to 11-month lows, interest rates eased back from recent highs and European stocks dropped, all of which, according to Bloomberg Reporter Samuel Potter, helped Gold reach a July high. Potter explains, “The greenback lost ground against all but one of its G-10 peers on signs [President Donald] Trump’s healthcare reform bill is effectively dead in its current form, after two more Republican senators announced their opposition to the plan.” Moreover, major U.S. equity indexes were lower and the Stoxx Europe 600 Index fell following a grim earnings report from Ericsson AB. Rodrigo Catril, a currency strategist at National Australia Bank Ltd. in Sydney, said “Near term, the dollar path of least resistance is down. We still think the data -- inflation in particular -- will provide the [Federal Reserve] with enough ammunition to hike in December and boost the dollar, but this is a fourth-quarter story.”

  • The yield on 10-year U.S. Treasuries fell four basis points to 2.27 percent after dropping five basis points last week.
  • Gold prices climbed 0.6 percent, while the S&P 500 and the Dow Jones Industrial Average both fell 0.2 percent (Bloomberg.com).

Goldman’s Worst Quarter Ever in Commodities Trading

According to CNBC, Goldman Sachs recorded its worst commodities quarter on record since going public more than 73 quarters ago. Finance editor Jeff Cox says, “The trading issue has gotten so pronounced that even a quarter when the investment banking behemoth surprised analysts with a stronger profit than the year-ago period, it wasn't enough to keep the stock from falling.” Currencies and commodities are falling at a greater rate than other investments. Cox says, “Trading revenue in general declined 18 percent in the second quarter” and [Fixed Income Clearing Corporation] fell a whopping 40 percent. Goldman Sachs Chief Financial Officer Martin Chavez said on a conference call with analysts, “Not surprisingly given the results, it was a difficult quarter on all fronts. The market backdrop was challenged, client activity remained light and we didn't navigate the market as well as we aspired to and as well as we have in the past.”

At 1:50 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,245.00 Up $8.10
  • Silver, $16.38 Up $0.17
  • Platinum, $931.70 Down $0.60
  • Palladium, $872.80 Down $0.80

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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