Daily Gold & Silver Market Report – 7/25/2016
Paul Stevens
7/25/2016 2:47:00 PM
METALS LOOK FOR DIRECTION AHEAD OF PIVOTAL BANK POLICY MEETINGS
After a rough start to Monday, Precious Metal prices are regaining footing and increasing during mid-day trading hours. As investors await this week’s news from major central bank meetings around the world, the dollar gained a slight boost, pressuring metals. Precious Metal prices have seen a small pullback over the last few days, however some analysts believe it could be the calm before the storm. In a note to clients, Commerzbank said, “In absolute terms net long positions are still at a very high level, meaning that there is further correction potential for the Gold price from this side. A massive overhang of bets on rising prices is also hanging over Silver like the sword of Damocles.”
Markets around the world have hovered near record highs the last few weeks but investors are turning cautious. Over the weekend, the G20, a forum for governments and central banks from 20 major economies, discussed the recent Brexit vote and policymakers agreed to use any monetary, fiscal or structural tools available to support the global economy. This news, along with monetary policy meetings held this week by the U.S. Federal Reserve and Bank of Japan, has investors looking for direction. Richard Perry, market analyst at Hantec Markets, said, “With economic growth data along with the Fed and the [Bank of Japan] both announcing monetary policy in the coming days, it seems as though traders are currently reluctant to take too much of a view.”
At 3:50 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,318 Down $8.10
- Silver, $19.62 Down $0.09
- Platinum, $1,086.00 Down $0.40
- Palladium, $688.80 Up $1.80
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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
