Gold & Platinum Prices Hit 2-Weeks Highs

Cassie Bastien

10/10/2017 9:21:18 AM

Daily Gold & Silver Market Report – 10/10/2017

Supported by a softer U.S. dollar and geopolitical tensions in both Spain and North Korea, Gold and Platinum price charts hit two-week highs. Gains were limited, however,  on expectations of a December U.S. rate hike. Reuters Reporter Maytaal Angel said, “Investors were particularly wary on Tuesday as Pyongyang celebrated the founding of its ruling party, a day after Russia and China both called for restraint on North Korea following a Twitter post from U.S. President [Donald] Trump hinting that military action was on his mind.” As December nears, the odds of an interest rate hike have risen to 90 percent, causing Gold prices to remain sensitive and increasing the opportunity cost of holding non-yielding bullion. The price of Platinum is also performing well on the Precious Metal charts, rising 1.9 percent, its highest in two weeks. Silver also saw a 1.5 percent rise, as it finally holds steady above $17 an ounce.

Why Bitcoin Won't Replace Gold

According to CoinRanking.com, there are more than 2,200 digital currencies being traded around the world as we speak. That being said, contributor Frank Holmes with Forbes said, “Although Bitcoin and Ethereum appear to be the frontrunners right now, recall that only 20 years ago AOL and Yahoo! were poised to dominate the internet. How times have changed!” In fact, many investors are concerned cryptocurrencies may be “killing” tangible Gold. Holmes said, “I don’t think for a second that cryptocurrencies will ever replace Gold, for a number of reasons.” One main reason being the tangible uses of Gold, such as jewelry, electronics, dentistry and more. Additionally, Holmes noted, “Gold doesn't require electricity to trade. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island’s economy is cash-only. If you have Gold jewelry or Gold coins, they can be converted into cash.” Last but not least, Gold is one of the most liquid assets and thus holds a well-established value.

At 10:22 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,295.90 Up $10.70
• Silver, $17.30 Up $0.27
• Platinum, $932.40 Up $15.20
• Palladium, $941.10 Up $8.10

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