Platinum Could Soar 36.5 Percent in 2017

Cassie Bastien

5/1/2017 11:45:57 AM

Daily Gold & Silver Market Report – 05/01/2017

Recently, investors have taken advantage of lower spot prices for Platinum as a buying opportunity. Over the last two months, MoneyMorning.com says Platinum prices have tumbled 8.3 percent, in contrast with Gold prices, which gained 0.5 percent over the same period. The main reason investors believe spot Platinum prices will skyrocket is the scarcity of the metal, being significantly rarer than Gold and Silver. MoneyMorning says its scarcity comes from being both difficult to find and hard to extract from the ground. Due to recent economic and geopolitical uncertainty around the world, safe-haven assets have been on investors’ minds as the worrier drives them to opt out of their stocks and move toward Precious Metals.

Gold Prices Steady as Dollar, Equities Decline

Spot Gold prices were little changed Monday with a chance of a U.S. government shutdown receding and stronger equities dampening demand for non-interest paying bullion, Reuters reported. Last week, according to CNBC, Gold prices were “down 1.3 percent... its biggest weekly loss since [March 10].” However, the yellow metal did end the month about 1.5 percent higher. INTL FCStone Analyst Edward Meir said, “We see Gold maintaining a relatively higher trading range in May as tensions with North Korea will command more attention now that the bearish impact of the French election is out of the way.”

Silver Prices Searching for Support

According to DailyFX Reporter Paul Robinson, prior to Monday, Silver prices had declined 10 consecutive days a total of nearly 8 percent. Robinson says, “Conditions are ripening towards a relief bounce at the least, but we need more than a large drop and a streak to justify looking for a bounce.” He also states once investors see support from buying interest, he says “we’ll be inclined to look for an oversold rally.”

At 12:45 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,257.50 Up $12.10
• Silver, $16.99 Down $0.34
• Platinum, $933.70 Down $16.00
• Palladium, $820.20 Up $11.50

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