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Market Reports

Higher Silver Prices

Daily Gold & Silver Market Report – 11/22/2017

Although the price of Silver dropped a shockingly 2.3 percent starting the week, it has turned around and has now made a 0.6 percent gain as of yesterday afternoon. Much of this movement is coming from investors turning their attention toward the upcoming U.S. Fed meeting with anticipation of another move for the monetary system. With cautious investors and market traders, the U.S. dollar has also softened. Investing.com says that results from the central bank are due for release later today (November 22nd), “but market participants are already expecting another rate hike before the year ends.” Georgette Boelle, commodities strategist at ABN AMRO Bank said, “The Fed rate hike in December is roughly priced in and unless there are very hawkish minutes, it’s more that people are looking for direction about future moves.” The report by Priscila Barrera also says that Precious Metals were also supported Tuesday by political tension in Germany, which boosted demand for safe-haven assets like Silver and Gold.

Gold Price Increases as Dollar Drops

Helped by a weaker dollar ahead of the release of minutes from the latest U.S. Federal Reserve meeting that could hint at the pace of future interest rate rises, Gold price charts took advantage and started to rise after a couple of questionable days. A report by NASDAQ says, “Fed Chair Janet Yellen said rates should rise gradually but warned she was ‘very uncertain’ that inflation would soon rebound, suggesting a cautious approach to rate increases.” Investors were keen to own Gold to hedge against risks including a fall in global stock markets from current record highs,” Saxo Bank analyst Ole Hansen said, predicting that the price of Gold could rise to $1,325 by the end of the year. 

Bitcoin Continues to Rise

In an interview with Bloomberg on Tuesday, former Fortress manager Novogratz made the bullish prediction that Bitcoin could reach $10,000 by the end of 2017. A report by CNBC's Tae Kim says the price of Bitcoin rose 1.3 percent to over $8,200 as of this morning. Thus far this year, the digital currency is up more than 700 percent.

At 11:47 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,293.60 Up $8.90
  • Silver, $17.21  Up $0.15
  • Platinum, $942.20  Up $3.20
  • Palladium, $1,005.90  Up $4.40

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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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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