Investing in Silver

Cassie Bastien

2/9/2018 9:30:46 AM

Daily Gold & Silver Market Report – 02/09/2018

Jeff Clark from The Daily Coin said there are 10 main reasons why someone should invest in Silver. Because many new investors question whether Silver is a good investment, Clark says there are plenty of reasons everyone should own physical Silver. One main reason is that the value of physical Silver starts from it being real currency and holding itself as a tangible asset. Clark goes on to mention that the price of Silver is cheap, in fact “1/70th the price of Gold,” thus outperforming Gold within the bull market.

Palladium Rally Makes Catalytic Converter Prices High

According to Reuters Editor Renita D. Young, the price of Palladium became more expensive than spot Platinum in September for the first time since 2001, as demand expectations for the two assets diverged. As the price of Palladium rallied to new highs in January, the automotive industries who are manufacturing these catalytic converters are feeling the effects of the Palladium price rally. Automotive industry and Precious Metals analysts say the hike in catalytic converter prices will likely hit the secondary aftermarket first. That is, the manufacturers of the units and repair shops that replace them, rather than auto manufacturers. Sam Lee of San Jose-based Millercat said, “Most likely, we will have to adjust the price for the change in the metal price. We will give our customers a heads-up notice two to three months in advance if we choose to raise prices.”

Price of Gold Holds Steady

Although equity markets appear to be dropping fast, while the U.S. dollar is rising with help from interest rates, the spot price of Gold managed to hold steady. Spot Gold was down 1 percent for the week and headed for its second-straight weekly drop due to a recovery in the dollar, according to Reuters staff. “Gold has got some support from safe-haven demand as people are buying to hedge their portfolio against market volatility,” said Helen Lau, analyst at Argonaut Securities. Among other Precious Metals, the price of Platinum rose 0.3 percent to $972.20 an ounce, hitting its lowest since Jan. 10 at $965 in the previous session. Palladium was mostly unchanged at $962.50. It marked its lowest since Oct. 25, 2017 at $958.95 Thursday.  

At 10:30 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,313.90 Down $5.50
• Silver, $16.31 Down $0.16
• Platinum, $967.10 Down $11.30
• Palladium, $964.50 Down $4.70

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.