Can Silver Make a Comeback?
Cassie Bastien
7/14/2017 9:04:16 AM
Daily Gold & Silver Market Report – 07/14/2017
Some investors are saying this is a “once-in-a-decade opportunity” to invest in Silver while it is so low, allowing them to stock up. Peter Spina, president and chief executive officer of GoldSeek.com, told MarketWatch, “Now that we have fallen below $16, we are back in what I believe is an extremely attractive accumulation zone.” However, a yearly decline in Silver production for the first time since 2002 and a supply deficit over the last four years, markets and commodities reporter Myra P. Saefong says could also likely to contribute to a bounce back in prices. Peter Spina with GoldSeek.com said “The bullish price scenario for Silver keeps growing over time and within the next couple of years, I believe we will see silver prices target the mid-$20s, with a possible spike towards $30.” Chris Gaffney, president of EverBank World Markets feels that Silver’s recent declines are particularly surprising, given “multiple geopolitical risks,” especially North Korea, which would be “expected to generate some safe-haven buying,” and help rebound the prices of all Precious Metals.
Gold Rally Begins
FXStreet reporter Haresh Menghani said that the U.S. Dollar took another blow, and sank to fresh yearly lows near the 95.00 handle post softer inflation and monthly retails sales data. However, with today's weaker data, especially easing inflationary pressure further raised skepticism over prospects of any additional Fed rate hike plan for 2017, and US equity market set to open higher, closer to record highs, any signs of profit taking could drive investors to traditional haven-like assets and lend additional support to the yellow metal's strong up-move on the last trading day of the week.
At 10:04 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,234.10 Up $13.60
- Silver, $16.14 Up $0.33
- Platinum, $924.50 Up $15.40
- Palladium, $866.90 Up $4.20
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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
