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The Silver Train Is Moving

Daily Gold & Silver Market Report – 05/19/2017

Although there are no guarantees in a paper market, Gary Christenson with SilverSeek.com says while spot Silver prices could collapse further, it is more likely they could move substantially higher. For Silver prices to quickly rise, one of the many variables is how rapidly the Federal Reserve and commercial banking will increase the money supply and how much will they devalue the U.S. dollar. Other factors Christenson mentions include U.S. citizens losing confidence in the dollar and how quickly foreign countries such as China, Russia and Saudi Arabia will redirect commerce away from the dollar. Nonetheless, spot Silver prices “have risen exponentially for the last 90 years as the dollar has been consistently devalued. ... [But] there are plenty of financial and political catalysts that could propel the grey metal well over $100.”

Gold Set to Book Best Weekly Gain in 5 Weeks

As stocks aimed higher, spot Gold prices managed to trade near what MarketWatch calls “break-even levels” early Friday morning. The yellow metal “was on track to post a roughly 2 percent advance for the week, marked by rising volatility and geopolitical unrest in the White House,” Reporters Myra Saefong and Rachel Koning Beals. MarketWatch noted the dollar and stocks diverged Friday, with a major index tracking dollar trading in the red. Still, Gold bullish investors were optimistic about the yellow metal’s recent uptrend. Forex Technical Analyst Fawad Razaqzada said, “If stocks and the dollar both manage to show relative strength again, then this should pressurize the buck-denominated and perceived safe-haven Gold. [But] Gold will remain in demand should risk sentiment stay cagey.”

At 3:03 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,256.70 Up $1.30
  • Silver, $16.95 Up $018
  • Platinum, $945.00 Up $5.70
  • Palladium, $761.00 Down $8.50

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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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