Steady as She Goes: Gold Holds its Own
Wayne Lin
1/22/2018 12:45:18 PM
Daily Gold & Silver Market Report – 01/22/2018
Even after the U.S. government shutdown, the dollar remained weak and Gold held steady. Although essential services will still run, many federal programs were put on hold until Republicans and Democrats can break through on a funding plan. The Precious Metals markets were expected to be sporadic following the shutdown but those trends have not come to fruition. Though Gold held steady over the weekend, there is still much to determine in terms of stability of both the U.S. dollar and Gold. According to Bart Melek, head of global strategy at Canadian brokerage TD Securities, “This government shutdown will hurt the U.S. Dollar and support Gold” (Bullion Vault). However, even though Gold is holding steady, there is no determinate time on how long the shutdown will last, which forces investors to maintain caution.
Platinum Becomes a Fund Darling
“After lagging behind other Precious Metals last year, Platinum is finally outperforming, and hedge funds are taking notice.” (FA Mag) After a relatively weak 2017, there has been an increase in demand for Platinum, used commonly in cars. That, coupled with a weaker dollar, has propelled alternate assets higher. There was a time when Platinum outpaced Gold but there was a significant difference between prices of the two in 2016 and 2017. What could bode well for Platinum in 2018 is “tighter emission standards in China…which include lower pollution limits for all diesel vehicles.” That would mean a much higher need for Platinum in the months to come.
At 1:43 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,335.10 Down $0.70
- Silver, $17.08 Up $0.04
- Platinum, $997.80 Down $20.80
- Palladium, $1,100.30 Up $6.10
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
