Palladium Metal Price Hits Highest Since February 2001

Cassie Bastien

11/29/2017 1:27:57 PM

Daily Gold & Silver Market Report – 11/29/2017

Palladium jumped 2 percent Tuesday, according to Reuters Reporter Renita D. Young and Jan Harvey, marking its highest price since February 2001. Analysts say this jump is due to traders and Precious Metals investors expecting higher demand from the automotive industry. “The automotive industry and the global economy have been really strong,” Phillip Streible, senior commodities strategist at RJO Futures in Chicago, said. He noted the pace of the rally increased as traders took on new positions after the December COMEX Palladium futures contract expired. Moreover, Saxo Bank Head of Commodity Strategy Ole Hansen said the upcoming tax vote in Congress and tensions over North Korea might create enough activity in the Precious Metals market to move prices out of their narrow range.

Gold Price Spot Appears Numb to Holiday Markets

Gold values are trending slow with little no rallies, even after North Korea’s latest missile test of what appears to be a genuine intercontinental ballistic missile. Investing.com Editor Jeffrey Halley said, “It further reinforces that the risk-off safe-haven premiums associated with Gold are gone for now.” Overall, market viewers and investors have been cautious as the price of Gold seems more and more unaffected by uncertainty, which typically causes movements within the commodities market. Nonetheless, whether your Precious Metals buying strategy is to collect, invest or simply trade, this appears to be a buying market for the Gold bulls.

Silver Spot Could Climb Dramatically in December 2017

Despite a slow performance last week, many investors see Silver making a significant climb for the last month of 2017. Some encouraging gains came as market observers focused on the Federal Reserve. Money Morning Resource Specialist Peter Krauth said, “It seems their interpretation of the [Federal Open Market Committee's] concerns over ‘persistently weak inflation data’ potentially leading to lower inflation expectations for a longer period weighed on the dollar and boosted” the price of Silver. Nonetheless, seasonal trends and the U.S. dollar are likely to be the biggest near-term drivers for the gray metal.

At 2:27 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,286.70 Down $11.40
• Silver, $16.64  Down $0.31
• Platinum, $942.30  Down $11.50
• Palladium, $1,017.50 Down $12.10

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.