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Oil's Total Eclipse

Daily Gold & Silver Market Report – 08/21/2017

Investing.com Commodities Reporter Phil Flynn said, “The forward demand cover on oil supply in the U.S. has fallen to 26.7 days of supply, the lowest since October 2nd of 2015. This comes as there are signs that U.S. shale producers are pulling back because many cannot make money below $50 a barrel.” With supply disruption in Libya and the Organization of Petroleum Exporting Countries saying they will see better compliance, many investors hope the market will soon emerge out of this recent darkness.

Gold Prices Back on the Rise

Worries surrounding President Donald Trump failing to implement pro-business policies, along with North Korean-tensions regaining ground, U.S. bonds yields reached two-month lows and a weak dollar pushed Gold prices higher to start the week strong. Regarding the newly renewed tensions, Reuters said, “Investors braced for North Korea's response to computer-simulated military exercises begun by South Korean and U.S. forces on Monday that will continue until Aug. 31.” However, Gold's upside was limited due to President Trump firing Chief Strategist Steve Bannon, known for being particularly anti-globalization. Investors now look to this week's Economic Policy Symposium, an annual meeting in Jackson Hole, Wyo., with European Central Bank President Mario Draghi and U.S. Federal Reserve Chair Janet Yellen to speak Friday.

  • In other Precious Metals, Silver was up 0.9 percent at $17.08 per ounce.
  • Platinum was 0.5 percent higher at $979.74 per ounce (Reuters.com).

Palladium Rallies to Levels Not Seen in 16 Years

According to FactSet Data, Palladium reached its highest levels in more than 16 years. How does this happen? Simply put, the metal can thank supply and demand. Mark O’Byrne, research director at Dublin-based GoldCore, said, “Due to the high demand and limited availability of Palladium, there is market deficit of over 1 million ounces. ... Much of Palladium’s increased demand is thanks to increased demand for SUV vehicles, which have to abide by tightening emission legislation from the [European Union].” MarketWatch Reporter Myra P. Saefong said Palladium gained 3.6 percent last week, making its year-to-date rise about 35 percent. O’Byrne said the overall outlook for Palladium demand “suggests that there is little letup for the tight supply conditions the Palladium market is currently experiencing.”

At 12:08 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,294.30 Up $5.70
  • Silver, $17.17 Up $0.08
  • Platinum, $988.30 Up $6.90
  • Palladium, $938.30 Up $8.20

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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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