Price of Palladium Could Top Spot Gold

Cassie Bastien

1/8/2018 10:51:08 AM

Daily Gold & Silver Market Report – 01/08/2018

“Palladium is hitting new record nominal highs due to the perfect storm of very robust demand and small, finite supply of physical Palladium bullion,” said Mark O’Byrne, research director Dublin-based GoldCore. Thursday, Palladium futures climbed above $1,100 an ounce for the first time, leaving some traders and investors wondering if Palladium has the ability to continue its rally and surpass the price of Gold. According to FactSet data, “Futures prices hit an intraday record and were poised for the highest settlement based on record dating back to 1984,” MarketWatch Commodities Reporter Myra P. Saefong said. O’Byrne says upwards of 80 percent of the world’s Palladium supply comes from Russia alone, noting, “Russia has restricted supplies of valuable and strategic natural resources, such as natural gas, in the past and geopolitical tensions and resource nationalism could see it do so again”. If this happens, we could see higher prices within the physical market.

Bitcoin Drops After 3-Week High

After reaching a high of $17,712.40 on January 6, Bitcoin experienced what MarketRealist is calling a 24-hour fall of 5.4 percent. In fact, reporter Meera Shawn says the cryptocurrency's volatility has been consistently rising. The RSI, or relative strength index, level for Bitcoin was 71. Shawn says, “An RSI level above 70 is an indicator of a possible downward revision in price.”

Silver Rally Slowing Down

Many market viewers believe Silver's price rally is losing momentum. After steadily trading around just under $16 per ounce a month ago, Silver has been impressing many Precious Metal buyers, holding around $17 an ounce. A report from NASDAQ said, “There is significant resistance from around current levels up to 17.46. The upper portion of the triangle formation which preceded the November/December decline has several inflection points.” Nonetheless, investors say the coming weeks will provide a significant amount of information as to whether or not Silver prices will grow or once again collapse.

At 11:51 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,320.20 Down $3.80
• Silver, $17.19 Down $0.15
• Platinum, $976.10 Up $1.90
• Palladium, $1,101.00 Up $10.80

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