Spot Silver Prices on the Rise

Cassie Bastien

4/9/2018 12:22:50 PM

Daily Gold & Silver Market Report – 04/09/2018

U.S. Commodity Futures Trading Commission data Friday showed hedge fund and Precious Metals investors increased their holdings for Silver metal, according to NASDAQ. In fact, reports show spot Silver was up 0.3 percent while Platinum rose just about one percent. Nonetheless, many commodity investors are waiting to see what the Federal Reserve’s next move will be to determine the future of their portfolio holdings.

Value of Gold Prices Today Drop

The U.S. dollar continued to firm as tensions eased between the United States and North Korea, causing the value of Gold to drop. In fact, a report by Reuters stated Gold spot price was down 0.1 percent per ounce after hitting a two-week low Friday. Typically, the price of Gold and other Precious Metals rise during political volatility. However, according to a U.S. official Sunday, North Korea told the U.S. they are “prepared to discuss the denuclearization of the Korean Peninsula when North Korean leader Kim Jong Un meets President Donald Trump.” Despite escalating trade tensions, President Trump predicted China would take down its trade barriers. Additionally, Fed Chair Jerome Powell said the Federal Reserve will more than likely continue to raise interest rates in order to keep inflation under control. Chicago Fed Bank President Charles Evans feels these gradual rate increases will be appropriate to reach the 2 percent goal.

Can Bitcoin Reach $30K?

With recent volatility in the cryptocurrency market, a report by Forbes says Bitcoin experts are curious to see if Bitcoin continues to drop or potentially reach a bullish value of $30,000. NYNJA Chief Strategy Officer Marshall Taplits said, “The trend for Bitcoin is clear - UP, going to about $20,000 USD from zero in 10 years. Each time Bitcoin corrects, the media wrenches.  However, anyone who has been watching cryptocurrency since the beginning knows to bet on $30,000.” Furthermore, LocalCoinSwap Chief Operating Officer Daniel Worsley is another Bitcoin bull, saying, “There is no other network that has been as battle tested as the Bitcoin blockchain. It has survived all assaults. It wouldn't surprise me at all to see the price above $20,000 USD this year.” On the other hand, some bearish investors predict the price of Bitcoin to drop to lows of $1,000.

At 1:22 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,338.50 Up $3.70
• Silver, $16.63 Up $0.16
• Platinum, $938.00 Up $21.50
• Palladium, $936.90  Up $33.70

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