Buy Silver Before the Rally
Cassie Bastien
3/7/2018 10:47:33 AM
Daily Gold & Silver Market Report – 03/07/2018
Aside from being undervalued, many investors are taking advantage of the low Silver spot prices while they can. Historically speaking, Jeff Clark with Silver Seek says you have 27 days to buy Silver before spot prices skyrocket. A lot of this speculation comes from the current Gold to Silver price ratio. To elaborate, Clark says the spot price ratio has historically remained above 80 for only short periods of time. Thus, he says “the opportunity to buy Silver while it’s cheap is likely going to be brief.”
Gold Prices Gain as U.S. Dollar Drops
After President Donald Trump said he would push ahead with punitive metals tariffs on imports, both U.S. equities and the dollar weakened, causing the price of Gold to rise. CNBC says spot Gold price rose 0.1 percent as of Wednesday morning. Global stocks and the dollar fell after Trump's top economic adviser, and a key advocate for free trade, Gary Cohn resigned after Trump said he was sticking with his import tariff plan, which critics have dubbed the first shot in a global trade war. Last Thursday, Trump said a plan for tariffs of 25 percent on steel imports and 10 percent on aluminum products would be formally announced this week.
Digital Currencies Continue to Decline
After failing to overcome key technical resistance levels, major cryptocurrencies dropped lower Wednesday morning. Although some optimism remains, a report by MarketWatch says Bitcoin, the No. 1 digital currency, has dropped nearly 1.1 percent. Furthermore, Ripple has fell more than 15 percent and is trading at 91 cents, down 0.4 percent today, according to reporter Aaron Hankin. Litecoin has also dropped 1.2 percent and is now trading under $200.
At 11:47 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,326.30 Down $10.40
- Silver, $16.54 Down $0.31
- Platinum, $955.30 Down $17.50
- Palladium, $971.30 Down $16.00
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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
