Daily Gold & Silver Market Report – 7/18/2016
Paul Stevens
7/18/2016 10:22:00 AM
METALS SEARCH FOR DIRECTION AFTER FAILED TURKEY COUP
After a small decline Friday, Precious Metals are searching for direction during Monday morning trading hours. After a failed military coup in Turkey, Gold saw a small boost due to increased uncertainty and geopolitical tensions. However, as things abroad settled, global markets saw a boost while denting the metal’s safe-haven appeal. ActivTrades chief analyst Carlo Alberto De Casa said, “Gold always shows to be a safe harbor during political instability or when wider markets are in turmoil. After the metal broke below support at $1,340 an ounce, a push lower is possible, as the situation in Turkey 'stabilized' and there are no new headlines on the Brexit saga.”
With much of the focus on tensions around the world and their effects on markets, many investors are considering options available to the major central banks. Although markets are currently at record levels, some strategists believe economic growth will begin slowing down. This prevents central banks from raising benchmark interest rates and has been historically positive for Gold. Morgan Stanley chief cross-asset strategist Andrew Sheets said, “We think global growth really disappoints over the next 12 months — particularly in developed markets, particularly in the U.S.”
At 11:22 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,331.30 Up $1.70
- Silver, $20.05 Down $0.13
- Platinum, $1,100.40 Up $8.00
- Palladium, $648.20 Down $0.70
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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
