Silver Prices Struggle as U.S. Dollar Stabilizes

Cassie Bastien

7/3/2017 10:55:42 AM

Daily Gold & Silver Market Report – 07/03/2017

Financial analysis with EconomicCalendar.com Sam Bourgi says that buying pressure for the grey metal faded after a very volatile first 6 months of this year. To recap, he said “Gold and Silver booked losses last week even as the U.S. dollar plunged to ten-month lows.” An additional contributor to this loss was the U.S. dollar rising 0.4 percent earlier this morning. Bourgi said, “The greenback rebounded sharply against the euro and pound through the overnight session. It also added to recent gains against the Japanese yen.” Upcoming events, such as the ADP Research Institute scheduled to release its monthly private payrolls report on Thursday for the month of June and the Labor Department will also issue its official non-farm payrolls data the following business day, which will also contribute to the volatility investors are experiencing within the world markets, including Precious Metals.

Could Gold Prices Climb 50 Percent by October?

According to former Republican congressman and libertarian firebrand Ron Paul in an interview with CNBC “Futures Now” last week, the former GOP presidential contender argued the economy is not as strong as the Wall Street consensus believes. He said, "If our markets are down 25 percent and gold is up 50 percent it wouldn't be a total shock to me.” Although this is not the first time Paul has called for a pullback in past interviews, he still makes the case that the rally is on borrowed time. Opposite to what many believe, Paul said "…The old rules always exist, and there's too much debt and too much mal-investment. The adjustment will have to come."

At 11:55 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,223.80 Down $21.10
• Silver, $16.19 Down $0.53
• Platinum, $909.10 Down $18.30
• Palladium, $849.50 Up $2.90

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