Daily Gold & Silver Market Report – 5/17/2016

Paul Stevens

5/17/2016 11:43:00 AM

METALS CONTINUE RUN AS U.S. STOCKS STRUGGLE

Precious Metal prices are receiving support so far during Tuesday trading.  A decline in the U.S. dollar along with European shares showing a slight gain has helped metals continue their recent run.  As Gold’s safe-haven appeal returns, many analysts and investors are keeping a watchful eye on the U.S. Federal Reserve to determine if they will reverse their dovish tone from their most recent meeting. Macquarie analyst Matthew Turner said, “Everyone is really waiting to see whether the U.S. economy does pick up in Q2, as it often does, and the narrative over the Fed shifts again.”

Although U.S. stocks have seen a small increase, they are back to their recent declining trend, losing ground Tuesday. Economic data released Tuesday showed consumer prices jumped 0.4% in April, their highest amount in more than three years, with inflation climbing as well.  Michael Antonelli, equity sales trader at Robert W. Baird & Co., said, “The market is essentially drifting at this point, flipping around daily like a paper airplane without a particular good reason. What is surprising though is the fact that in the face of choppy but flat markets a lot of analysts are turning bearish.”

At 12:43 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,277.90 Up $2.60
• Silver, $17.26 Up $0.08
• Platinum, $1054.50 Up $1.50
• Palladium, $587.00 Down $5.00

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