Silver Prices Hover Around $17 an Ounce

Cassie Bastien

10/30/2017 1:04:49 PM

Daily Gold & Silver Market Report – 10/30/2017

Although the price of Gold has dropped well below $1,300 an ounce, Silver is somehow managing to linger around the $17 an ounce mark. And while prices have been steadily dropping across the board for all Precious Metals, investors and traders, including collectors and gift givers, are not complaining about the lower metal prices. Panic will come in to play for investors when prices do not rebound or experience the slightest of a price rally. One Silver coin that is doing fairly well in this slow market is the Silver American Eagle. In fact, a report from Numismatic News said, “Buyers of bullion Silver Eagles have taken 925,000 of the coins from the [U.S.] Mint so far in October. This is triple the number from September.”

Gold Investors Remain Cautious of Next U.S. Federal Reserve Chair

According to Reuters Reporter Vijaykumar Vedala, two sources familiar with the matter said Friday “President Donald Trump is leaning towards nominating Federal Reserve Governor Jerome Powell to be the next head of the U.S. central bank.” Vedala also noted the investigation into possible Russian interference with the 2016 U.S. presidential election may enter a new phase Monday, “when the first charges resulting from the probe could be unsealed and a target taken into custody. ... The U.S. economy unexpectedly continued to grow at a brisk pace in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.” How does this affect the price of Gold? Surprisingly enough, the Gold market has remained quiet with all these distractions around the world. The U.S. dollar however reached three-month highs, according to Vedala, causing safe-haven assets such as Precious Metals to drop.

Palladium Prices Expected to Reach Record Highs for 2017

Editor Jan Harvey with Daily Mail said, “Expectations that a shift in demand from diesel to gasoline-fueled cars, which use more Palladium in their catalytic converters, and near-term tightness in the lending market” have helped drive Palladium prices to their highest since 2001. Moreover, within the last three months, Harvey says banks have hiked their Palladium price forecasts by around 5 percent. “We believe prices are susceptible to downside in the near term given the expectations for China auto sales to slow down in Q4 as well potential profit-taking pressuring prices lower,” Standard Chartered Analyst Suki Cooper said. Analysts predict Palladium prices to average around $930 an ounce next year.

At 2:04 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,280.00 Up $6.50
• Silver, $16.93 Up $0.10
• Platinum, $922.10 Up $6.50
• Palladium, $969.80 Up $3.50

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