Daily Gold & Silver Market Report – 4/18/2016

Paul Stevens

4/18/2016 1:49:00 PM

METALS GAIN AFTER DISAPPOINTING OIL PRODUCERS MEETING

Precious Metal prices steadied and are trading relatively flat during Monday afternoon trading hours.  Many investors expected a Sunday meeting of top oil producers to result in an agreement to freeze crude oil output production.  However, that agreement did not take place and crude prices tumbled.  Citi strategist David Wilson said, “Oil prices have fallen between four and five percent, dragging equities down, and you would think to see some safe-haven buying in Gold.”

As economies around the world continue to struggle, much of the focus has been on central banks and their monetary policies, with the U.S. raising baseline interest rates for the first time in a decade in December.  After the move, many investors around the world have worried about the pace of interest rate increases and their overall effect on the world economy.  In regards to the Federal Reserve’s policy going forward, New York Fed President William Dudley said Monday, “policy adjustments are likely to be gradual and cautious, as we continue to face significant uncertainties and the headwinds to growth from the financial crisis have not fully abated.”

At 2:47 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,234.70 Down $0.60
• Silver, $16.25 Down $0.10
• Platinum, $977.10  Down $12.30
• Palladium, $567.80 Down $1.50

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