Daily Gold & Silver Market Report–3/2/2016
Brandi Brundidge
3/2/2016 10:40:00 AM
FALLING STOCKS, OIL SUPPORT BULLION
On Wednesday, Precious Metals prices continued to climb as the U.S. stock market quickly lost Tuesday’s upbeat momentum on lower oil prices. Joel Kruger, FX strategist for London-based LMAX Exchange, shared his thoughts with MarketWatch regarding current U.S. economic conditions and how the U.S. Federal Reserve may handle the issue. Kruger believes in order for stocks to progress in 2016, the market will need a, “shift in strategy from monetary policy accommodation to fiscal policy reform. Otherwise, the risks remain tilted to the downside and this rally is nothing more than a compelling opportunity to build into shorts.”
Oil fell below $47 per barrel Wednesday following last week’s U.S. crude inventory, which reported 9.9 million barrels from the estimated 3.6 million barrel forecast by the American Petroleum Institute (API). "The strong inventory build reported by the API would explain why WTI [U.S. crude] is falling more than Brent," Commerzbank analyst Carsten Fritsch said. On Super Tuesday, Donald Trump won nearly every state available for the Republican presidential candidate. Investors have shared concerns with Trump’s stated policies if he were to become the next president, as they could negatively impact stocks and bonds but be bullish for the safe-haven appeal of Precious Metals. The market will have to wait until November to see what happens next.
At 11:40 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,240.80 Up $8.10
- Silver, $15.03 Up $0.22
- Platinum, $935.00 Down $1.70
- Palladium, $512.60 Down $5.80
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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
