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Silver Prices Correct 1 Percent Lower

Daily Gold & Silver Market Report – 05/18/2017

Recent political turmoil in Washington caused Silver prices to slip earlier Thursday from multi-week highs. Although prices managed to rise the previous six sessions, Sam Bourgi with EconomicCalendar.com says, “Analysts warn that Silver is likely to be range-bound for much of the year.” What caused this drop in Precious Metal prices? A stronger U.S. dollar meant a dip in the gray metal. The Japanese Cabinet Office reported Thursday the country's gross domestic product (GDP) expanded faster than expected, rising 0.5 percent in the first quarter. “Meanwhile, the Australian economy added 37,400 workers to payrolls in April. ...[However, the increase] was solely attributed to part-time employment,” Bourgi reported. Even as workforce participation held steady, the Australian unemployment rate dropped to 5.7 percent.

Gold Drops After Biggest Rally Since Brexit Vote

Spot Gold prices surged almost 2 percent Wednesday, their biggest one-day increase since Britain's vote to leave the European Union in June 2016, on reports that President Donald Trump “tried to intervene in an investigation into alleged Russian interference in last year's U.S. election.” NASDAQ Reporter Jan Harvey said. As a result, Wall Street stocks experienced a massive drop, causing the dollar to decrease by almost 2 percent against the yen. However, after results of a stronger-than-expected jobs report earlier Thursday, the dollar bounced back, causing Gold and other Precious Metals to drop again. What is more, Commerzbank said in a note that risk aversion has risen noticeably because of the political situation in the U.S. Harvey says the most recent reports on Trump “came after a turbulent week in which he fired FBI Director James Comey and discussed sensitive national security information with Russia's foreign minister, which then causing investors to question whether he can deliver on pledged tax cuts and deregulation.”

OPEC Loses Control in Oil Prices

Douglas Rachlin, managing director at Neuberger Berman's Rachlin Group, said Wednesday at the SALT Conference in Las Vegas “Saudi Arabia and [the Organization of Petroleum Exporting Countries] are no longer in control.” CNNMoney.com Reporter Matt Egan said, “OPEC sent a plea to the U.S. earlier this month to stop pumping so much oil. The plea came after a flood of supply from U.S. shale producers threw a wrench in OPEC's ability to stabilize oil prices.” Recently, OPEC has tried to calm investor nerves. Egan stated ,“Saudi Arabia and Russia sent oil prices rising after pledging to do "whatever it takes" to support markets, including an extension of production cuts until March 2018.” Nonetheless, Saudi Arabia country launched Vision 2030, an ambitious program to reduce the country's dependence on oil and hopes to diversify the economy. Saudi finance minister Mohammed Al Jadaan told CNNMoney's John Defterios this week, “Hopefully by 2030, I wouldn't care if the oil price is zero.” However, with President Trump's recent troublesthe political environment could quickly change.

At 1:11 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,257.10 Down $4.20
  • Silver, $16.76 Down $0.25
  • Platinum, $939.70 Down $8.90
  • Palladium, $769.80 Down $11.20

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Disclaimer:
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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