Price of Silver Unaffected by Political Concerns
Cassie Bastien
9/26/2017 10:49:45 AM
Daily Gold & Silver Market Report – 09/26/2017
After comments by the North Korean Foreign Minister regarding the country's right to shoot down U.S. bombers regardless of if they are in North Korean airspace, the price of Silver quickly started increasing. Unfortunately that did not last long, as Precious Metal spot prices quickly fizzled and returned to lowering numbers. FX Empire Editor Christopher Lewis said he suspects “extreme amounts of volatility” in the coming months, adding that since Silver is such a volatile metal, trading the gray metal solely on a few geopolitical comments “is a good way to lose money.” Analysts believe unless current Silver prices turn bullish and peak over the $17.25 an ounce level, the market will not gain much speed.
Is The Gold Supply Running Low?
According to World Gold Council Chairman Randall Oliphant, market analysts believe the world may have already produced the most Gold in a year that it ever will. In an interview Monday, Oliphant said production is likely to plateau before slowly declining as demand rises, especially given global political risks and robust purchases by consumers in India and China. “We’re not going to fall off a cliff in the near term, but in the same time it’s really hard to see how we’re going to produce enough Gold to meet all this demand,” Oliphant said. At the 28th Denver Gold Forum, a gathering of mining executives, hedge funds, bankers and analysts, Oliphant discussed whether Gold prices could climb to as high as $1,400 an ounce in the next 12 month and top record highs in the “medium term.” (Bloomberg.com).
At 11:50 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,303.10 Down $7.70
- Silver, $17.00 Down $0.20
- Platinum, $929.50 Down $12.70
- Palladium, $923.00 Up $6.30
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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
