Has the Price of Silver Reached Bottom?

Cassie Bastien

3/29/2018 11:07:29 AM

Daily Gold & Silver Market Report – 03/29/2018

FX Empire Reporter Christopher Lewis predicts it is only a matter of time before Silver buyers get involved in the Precious Metals market once again. During the trading session Wednesday, reports show Silver markets broke down significantly, reaching lows near $16 an ounce. Silver investors are looking for signals the price of Silver has reached its lowest, providing significant proof that a spot Silver price rally is near. Lewis said, “The market should then continue to be bullish overall, but I think it’s going to take a while to get that bullish pressure into the market.” Many Precious Metals analysts feel as though the $17 level is resistance, so a break above that would in fact be a very strong sign for the gray metal. Volatility is expected, but as we know, commodities and safe-haven assets strive off unpredictability.

Major Cryptocurrency Continues To Decline

If you haven’t seen recent news, the price of Bitcoin fell below $8,000 Wednesday and reporter Aaron Hankin with MarketWatch said, “Digital currency prices took another leg lower Thursday as persistent selling pressure continues.” Why? More exchange closures, bearish technical patterns and the possibility of Ethereum fees has dogged the market of late, pushing some major digital currencies to multi-month lows, according to Hankin. In other digital currency markets, Bitcoin Cash is off 8.7 percent, Litecoin has lost 7.8 percent and Ripple was last seen down 6 percent.

Political Tension Supports Gold Prices

Although spot prices dipped earlier Thursday morning, simmering tensions over Russia and a potential trade war offered support to the prices of Gold today. According to Eric Onstad with Reuters, Gold spot posted its “biggest one-day percentage fall in nearly nine months on Wednesday after robust U.S. data lifted the dollar, which steadied at those strong levels on Thursday.” Carsten Fritsch, commodity analyst at Commerzbank in Frankfurt, said he does not see the price of Gold falling further given the geopolitical tension. “There was an easing of tensions in the Far East regarding North Korea, but there's still tension between the West and Russia... this can boil over again and support Gold.” Often seen as an alternative investment during times of political and financial uncertainty, Gold spot was on track for a third straight quarter of gains, having risen nearly 2 percent so far this year.

• In other Precious Metals, the Platinum price rose 0.3 percent, after hitting a near three-month low in the previous session. The metal was down about 5 percent so far this month, on course to post its worst month since September.
• Meanwhile, Palladium spot, up 0.1 percent to $964.75 an ounce, was set to fall more than 7 percent this month, the steepest drop since December 2016.

At 12:08 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,325.10 Down $2.70
• Silver, $16.39 Up $0.04
• Platinum, $934.20  Down $4.60
• Palladium, $952.00 Down $19.20

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