Silver Prices Today Set to Soar

Cassie Bastien

1/31/2018 1:05:05 PM

Daily Gold & Silver Market Report – 01/30/2018

According to Money Morning Resource Specialist Peter Krauth, today's price of Silver is up 0.76 percent, with room to climb. In fact, Krauth said, “I see plenty of bullish momentum ahead for Silver prices in 2018.” The U.S. Dollar Index dropping below 90 in the past year has not only helped Gold prices but also the price of Silver. However, many investors and traders see Silver metal in its early stage this year and the possibility of Precious Metals prices soaring is becoming very obvious.

Gold Prices Rise As U.S. Dollar Drops

Although no changes are expected, investors have turned their attention to the Federal Reserve meeting Wednesday afternoon, which could give clues regarding the course of action for interest rate hikes in the coming months. “We’re not expecting any changes [from the Fed] today, but we may get some insight into whether the new tax reforms have altered the views of policy makers,” Oanda Senior Market Analyst Craig Erlam said. He added, “A slight change in the statement can get quite a reaction in the markets though so traders as ever will be looking for any signs that future rate hikes are underpriced, given the recent changes.” With that being said, these statements can negatively affect the price of Gold as it lifts the dollar as well as bond yields. More news to come as the results should be released at 2 p.m. (ET), about half an hour after the settlement for Gold futures, according to Myra P. Saefong and Rachel Koning Beals with MarketWatch.

Bitcoin Heads for Worst Monthly Decline since December 2013

According to the digital asset exchange www.g-bit.io, “The market leading digital currency [Bitcoin] slid 12 percent on Wednesday to $9,817.” But it doesn’t stop there as rival cryptocurrencies such as Ethereum, Ripple and Stellar have also dropped in price. Shayne Heffernan with Live Trading News said, “Some experts have attributed the fall to the U.S. regulators’ ramping up scrutiny of one of the world’s largest virtual currency exchanges. They also pointed to Facebook's ban of ads tied to the industry.”

At 2:05 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,343.00 Up $3.80
• Silver, $17.37 Up $0.21
• Platinum, $1001.90 Up $1.60
• Palladium, $1,034.50 Down $25.90

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.