Precious Metal Prices are on the Move!

Cassie Bastien

7/7/2017 10:56:48 AM

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

According to DailyFX, Silver dropped almost 11 percent in less than a minute during afterhours trading Thursday. Unfortunately, there are no current indications to this “crash” or why it happened, and it is extending to all Precious Metals, not just Silver.  Beyond the intraday sympathetic slump, Gold is finding its way lower, dropping 0.5 percent Friday. Reporter John Kicklighter says, “We can see that there was an anticipated surge in volume in futures during the move as stops and entry orders would be tripped and market orders scrambled to join the rebalance. When the liquidity of the U.S. market returned, the slide was taken back up but at a more moderate pace.” Looking at past and current numbers, Kicklighter is confident the market will close at a 15-month low. Right now, Kicklighter says, “The additional volatility adds to a landscape that finds the slow and tentative retreat from extreme QE programs (oversupply for fiat currencies) reviving the appeal of currency with the potential for yields drawing stationary funds.”

U.S. Mint Celebrates 20th Anniversary of Iconic Proof Platinum Eagle

This year marks the 20th anniversary of the U.S. Mint's iconic Proof Platinum Eagle coin, which is celebrated by using the original reverse design of the majestic soaring eagle designed by the former sculptor-engraver of the U.S. Mint, Thomas D. Rogers, for what Digital Journal calls a “treasured keepsake for any numismatist.” Since June 6, 1997, the Platinum Eagle series has seen huge success among collectors and investors all over the world. However, with current market volatility, many viewers are curious to see how this year's coin will perform among markets.

Have Gold Prices Bottomed Out?

Despite what some investors and traders believe, Victor Dergunov with Seeking Alpha explains it is very possible for Gold mining companies to profit from recent lows within the Precious Metals market, and possibly even help the metals advance in the near future. Dergunov says over the last month, Gold has declined approximately 6 percent with Silver reaching a nearly 10 percent decline, causing junior Gold miners such as VanEck Vectors Junior Gold Miners ETF to decline almost 1.63 percent. However, any moves from here on out with the mining companies is part to what Precious Metal prices do, whether that is continue to decline or finally start to advance.

What Will Happen to Stock Markets in Correlation to Precious Metal Prices?

It is no secret that Gold and Silver prices have struggled to maintain growth compared to earlier in the year. On the contrary, the stock market has managed to hold its own for the most part, even during geopolitical uncertainty and major volatility within world markets. However, in recent news, U.S. stocks have fallen as central banks are signaling the end of quantitative easing, which Darren Capriotti with GoldEagleNews says “has pointed to a potential different direction.” Will this cause a rally for Silver prices or will Silver remain in the same situation it has been for the majority of 2017? Capriotti feels “If central banks are raising interest rates and signaling the end of quantitative easing, then these different strategies could be a sign that the great recession period is coming to an end.” Although the Federal Reserve has been raising interest rates, historically, they still remain extremely low. The end of this period would signal that the U.S. dollar might be primed to go up, which means the potential for a decrease in Precious Metal prices could continue to drop. If that happens, many investors are questioning why the stock market would be lower in recent days.

At 11:56 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,211.20 Up $14.90
• Silver, $15.47 Up $0.62
• Platinum, $905.50 Up $6.80
• Palladium, $839.10 Down $3.70

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! 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.