Silver Price is Trending Higher

Cassie Bastien

4/4/2018 8:34:52 AM

Daily Gold & Silver Market Report – 04/04/2018

After nearly reaching $17 an ounce, Silver spot finished March in the red, according to Money Metals Resource Specialist Peter Krauth. However, Krauth, along with many Silver metal investors, say there is still hope for the gray metal as it has gained strength from the stock market and the U.S. dollar. In fact, many Precious Metals investors argue Silver spot will soon become bullish again as summer nears.

Spot Gold Prices Rise as U.S. Dollar Drops

As of Wednesday morning, reports show the price of spot Gold has risen nearly 1 percent due to a drop in the dollar as well as “share markets [faltering] after China retaliated in kind to a U.S. move to slap tariffs on $50 billion worth of its imports, raising trade war jitters,” according to Reuters Maytaal Angel. After Chinese markets closed, Beijing said it would impose additional tariffs on U.S. imports ranging from cars, chemicals and corn to whiskey, cigars and tobacco. The appeal of Gold metal as a safe-haven asset often increases, as now, in times of geopolitical or economic turmoil. Investors now look ahead to the U.S. non-farm payrolls Friday, which could further support for the yellow metal.

• In other Precious Metals, Platinum prices were 0.2 percent lower.
• Spot Palladium was down 0.6 percent at $928.10 an ounce after touching $922.70, its lowest since October 2017.

Bitcoin Has Worst First Quarter in History

Bitcoin, as well as ethereum, had their worst first-quarter performances in history, according to CNBC Reporter Arjun Kharpal. Furthermore, reports show Ripple, or XRP, was the worst-performing cryptocurrency of the top three in the first quarter of 2018, down a total 77 percent. To elaborate, Kharpal said, “Over $119.9 billion was wiped off the market capitalization or value of Bitcoin in the time period.” Why does it seem all digital currencies are dropping at a rapid pace? Many say it is due to increasing regulatory scrutiny and an advertising crackdown on major internet platforms. In the U.S., the Securities and Exchange Commission has been trying to bring cryptocurrencies under its laws. Additionally, technology giants have moved to ban advertising around digital currencies. In the first quarter, Google, Facebook and Twitter banned cryptocurrency ads.

At 9:34 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,346.80 Up $10.80
• Silver, $16.38 Down $0.11
• Platinum, $919.10 Down $10.20
• Palladium, $922.60 Down $13.20

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