Silver Prices Rise Nine Consecutive Days

Cassie Bastien

3/30/2017 1:07:43 PM

Daily Gold & Silver Market Report – 03/30/2017

Market Analyst Paul Robinson with DailyFX says Silver prices are “holding up better than Gold, and after nine consecutive up-days [they are] looking to take a breather from around the trend-line running down off the July spike-high.” Robinson feels if Silver prices correct to only a minor degree, investors will be able to gather more information regarding the Silver price's next move. Many analysts are keeping an eye on the U.S. dollar as it plays a major role in regards to Precious Metal prices. Robinson said, “The confluence between markets put us in the neutral to bearish camp regarding Precious Metals with a bounce in DXY looking like a probable scenario.”

Gold Prices on Track for Third Straight Decline

The yellow metal futures traded lower Thursday as the U.S. dollar recovered, putting spot Gold prices on track for a third straight decline. Mark Decambre with MarketWatch said, “The retreat for gold Thursday came as the dollar climbed back above 100 after previously slipping below that level amid growing doubts about President Donald Trump’s ability to implement dollar-boosting fiscal policies.” A strong dollar can weigh on commodities such as Precious Metals, which are priced in currency; Decambre reported the U.S. Dollar Index was up 0.2 percent at 100.17 and was on track for a 0.4 percent gain this week.

Commodities Starting 2017 Off Strong

With expectations of rising inflation contributing to an upward price shift, the New Zealand Herald says 2017 has been a good year for commodities thus far. Reporter Mark Fowler said, “Although the outcome of one auction doesn't indicate a trend, support for commodity prices will be monitored very closely by the Reserve Bank. ...The price movement has coincided with a counter-trend shift in the NZ dollar, which at the time of writing, is a full 2c lower compared to the beginning of March, against both the U.S. and Australian dollar.” Fowler says  global commodities demand will remain a key driver for inflationary outcomes this year, noting, “the duration of cyclical commodity support, coupled with the strength of our currency, will have the greatest impact on businesses' and households' ability to reduce debt.” Fowler closes by stating investors may soon see “cracks appearing” with potentially serious consequences for our economy.

At 02:07 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,248.50 Down $8.30
• Silver, $18.28 Down $0.05
• Platinum, $955.40 Down $0.10
• Palladium, $799.50 Down $7.30

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.