Silver Prices Hurt by Bitcoin

Cassie Bastien

12/15/2017 11:37:12 AM

Daily Gold & Silver Market Report – 12/15/2017

Investors have recently taken a liking to cryptocurrencies, especially Bitcoin, putting physical Precious Metals lower. However, Christopher Lewis with FX Empire said, “I think there is enough uncertainty with interest rates out there to keep the Silver market somewhat afloat, and I also believe that the $16 [per ounce] level above will be rather resistive.” Lewis is confident Silver prices will break $17 and potentially trend even higher. It is no lie that short-term traders have struggled the past month or so, but many analysts are not worried about the price of Silver making its rebound within the commodities market.

Spot Price of Gold Set for First Weekly Gain in Over 4 Weeks

Gold values finally showed gains with help from concerns surrounding the U.S. dollar sagged about the progress of tax reform. Moreover, “the euro sagged after the European Central Bank signaled it would maintain stimulus for as long as needed,” NASDAQ and Reuters reported. The article goes on to say “President Donald Trump's drive to win passage of a sweeping Republican tax bill in the U.S. Congress hit potential obstacles on Thursday as two more Republican senators insisted on changes, joining a list of lawmakers whose support is uncertain.” Such a tax bill would help safe-haven assets like Gold and Silver.

How Long Will Palladium Outperform Platinum Prices?

Many investors feel Palladium will not be able to hold its stance as the leading Precious Metal in 2018, specifically beating the price of Platinum. How has Palladium spot price been able to reach new highs? Lawrie Williams with SharpsPixley said, “Platinum remains predominant in the diesel emissions control market, but diesel, in the car market has had a bad press and sales have been slipping, particularly in Europe and Asia.” But the demand for Palladium's cheap resources used within catalytic converters is substantially higher with help from rhodium. In fact, Williams said,  “…the rapid price advance for Palladium has risen in price by some 40 percent this year.” Historically, Platinum prices have been higher than Gold most of the time and some analysts suggest that price premium could re-appear.

At 12:37 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,257.30 Up $0.20
• Silver, $16.13 Up $0.14
• Platinum, $890.50 Up $6.30
• Palladium, $1,030.30 Down $9.50

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