Gold Prices Could Reach $1,500

Cassie Bastien

3/28/2018 9:32:11 AM

Daily Gold & Silver Market Report – 03/28/2018

According to Frank Holmes, chief executive officer of U.S. Global Investors, spot Gold prices could reach $1,500 per ounce this year, a level not seen since 2013. MarketWatch Markets and Commodities Editor Myra P. Saefong notes this would require an 11 percent rise from today's price of Gold. Analysts say the three key reasons for this speculation area inflation expectations, a weaker U.S. dollar and “major lawsuits against the big banks could have a profound impact,” Holmes said. If all factors work out in the right ways, the price of Gold may reach $1,900 an ounce, Holmes said. “If we see inflation ramp up, then ... we could see Gold move to new heights.”

Price of Spot Silver Is Down 3%

SeekingAlpha reports today's Silver spot price is down more than 3 percent annually, while Gold has seen a 3 percent gain. In fact, the Gold-to-Silver ratio has risen to its highest since 2016 at over 82x, according to News Editor Omer I. The Silver Institute notes that industrial uses account for 55 percent of total Silver demand. Market analysts say Silver investors are not buying at this time. However, as supply continues to decline, many Precious Metals investors will turn their attention back to Silver.

Growing Number of Companies Ban Cryptocurrency Advertising

Once restricted to small online chatrooms for early bitcoin backers, cryptocurrencies have exploded in popularity and the industry has grown rapidly. Independent News Reporter Thomas Wilson said, “A growing number of internet companies are banning cryptocurrency advertising, fearing reputational damage if their users are duped or left penniless.” Tuesday, Twitter began blocking crypto-related ads and a spokesman said LinkedIn is also blocking cryptocurrency ads, but is allowing such advertising on its other platforms.

At 10:32 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,333.10 Down $12.40
• Silver, $16.38 Down $0.27
• Platinum, $940.20  Down $10.20
• Palladium, $976.00 Down $3.80

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