PRECIOUS METALS REMAIN FLAT; DOLLAR FALLS FROM LAST WEEK’S RALLY
The Precious Metals market has experienced a dull day with little to no movement. “It's a real lackluster day,” HSBC Bank USA’s Chief Commodities Analyst James Steel said. “We've had scattered buying in the Precious Metals in general – mostly in Gold – but the gains have run into headwinds with a stronger dollar.” The U.S. dollar had a slight pullback as traders questioned last week’s rally over jobs data. Strategists at Lloyds Bank in London said it is “hard to glean anything too conclusive from the numbers, and Friday’s move looks like a slight overreaction. So while we would not be aggressive dollar sellers, we would look for a correction to dollar strength from here, and 83 on the [ICE] dollar index is likely to prove difficult to break.”
Blackstone Group Chairman and CEO Steve Schwarzman confirmed on CNBC today that the company owns the largest percentage of individual homes in the U.S. with a $3 billion portfolio of residential real estate. Blackstone is focused on economic growth as the housing market has been trying to recover since its 2008 crash. The company is evolving by renting out houses rather than the traditional quick method of buying and selling. Schwarzman said, “It's a good business for us. It's a new thing, but it's also good for America.”
At 5:15 pm (EST), the APMEX precious metals spot prices were:
- Gold, $1582.80, Up $3.90.
- Silver, $29.01, Up $0.01.
- Platinum, $1606.10, Up $0.20.
- Palladium, $778.40, Down $3.40.
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