Daily Gold & Silver Market Report – 11/15/2016
Paul Stevens
11/15/2016 9:35:00 AM
THE MARKET MOVES SPORADICALLY WITH THE RECENT PRESIDENTIAL ELECTION
With the recent Presidential Election outcome, most are seeing and feeling the movement of the Precious Metals market. Although Trump won’t take office for another few months, the market wasted no time. Naeem Aslam, Chief Market Analyst at ThinkMarkets said, “Gold had a really bad week” with the price of Gold dropping as much as 1% to trade as low as $1,211. On Friday, Gold futures settled at $1,224.30 which is the lowest finish since June 2, according to FactSet. Aslam said that this movement with the Gold industry was expected and has the potential to move lower in the coming days. Non-yielding Gold typically loses some appeal in a rising-rate environment, while higher rates could extend the dollar’s climb, cutting demand for the yellow metal by investors using currencies other than dollars. Until markets finalize their take on the future, we are expected to see movement both ways in the Precious Metals industry.
Has Gold Been Trumped?
Many are wondering why the Precious Metals market did exactly the opposite of what was expected after Trump’s election. Is it possible that the name Trump no longer correlates with Gold prices today? The answer is, yes, in fact it is happening right now. Since October of this year, Gold has been on the decline which is great for those wanting to buy Gold…but what about those wanting to get rid of their Precious Metals? According to Avi Gilburt “the downside is still not complete.” Gilburt feels that “the metals complex is likely setting up for a low below the one struck in early October. That ‘should’ complete this correction which has been in process since August, and then set us up for a continuation rally, which will likely see the VanEck Vectors Gold Miners ETF GDX, +0.24% in the 60.00-70.00 region, SPDR Gold Trust GLD, +0.18% back to its 2011 highs, and potentially even a bit higher, and Silver back to the 30.00-40.00 region.”
Site: http://www.marketwatch.com/story/looks-like-gold-may-have-been-trumped-2016-11-10
Make Stock Markets Great Again!
Is it possible that the new President-Elect Donald Trump can not only make America great again, but the stock market as well? Stocks have stormed to record levels on the back of hope from the recent election, but a jarring selloff in bonds is a bad sign for Wall Street and could mean problems for equities, at least in the short term, strategists warn. Brian Jacobsen, chief portfolio strategist at Wells Fargo Fund Management, said the market is experiencing a tug of war between the prospects for growth, which have shifted along with expectations for inflation. Over the longer term, Jacobsen said stocks could see a solid uptrend. However, Market technician John Kosar at Asbury Research told MarketWatch that he doesn’t see Treasuries putting in a bottom yet, but he thinks the breaking point for U.S. government paper is nearing, which could mean a slump in stocks. So what does that mean for Precious Metals? Only time will tell.
At 10:35 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,227.90 Up $3.50
- Silver, $17.14 Up $0.17
- Platinum, $938.70 Up $4.10
- Palladium, $704.50 Up $6.80
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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
