Price of Palladium Drops 20%

Cassie Bastien

4/11/2018 12:42:27 PM

Daily Gold & Silver Market Report – 04/11/2018

After hitting record highs in January, reports show Palladium prices have dropped a massive 20 percent, putting the industrial and Precious Metal in the bear market. Since Monday, a report by Mining Weekly said, Palladium prices have jumped 3 percent with help from concerns surrounding the prospect of a U.S.-China trade war. “China is a massive user of Palladium in the auto sector, and the United States is probably the second biggest user,” Mitsubishi analyst Jonathan Butler said. “When you have talk between those two countries of slapping punitive tariffs on things like vehicle imports, it does raise fears that this very strong demand we've seen is going to weaken.” Nonetheless, many Precious Metal analysts say the Palladium spot price has hit a solid support floor in the area around $900 an ounce.

Gold Price Today Rises For Third Straight Session

Lifted by a weaker U.S. dollar and uncertainty surrounding reaction to a possible chemical-weapons attack in Syria, the price of Gold has shown promising gains within the Precious Metals market. Even as global investors piled back into riskier assets, such as U.S. stocks, Gold prices continued to rise. Overall, geopolitical uncertainty is keeping a floor under range-bound spot Gold. Not to mention, editors Myra P. Saefong and Rachel Koning Beals with Market Watch say the U.S. is preparing for a possible military strike against Syrian President Bashar al-Assad over a suspected chemical-weapons attack that killed civilians. President Donald Trump said Monday evening, “It will be met, and it will be met forcefully—when, I will not say.”

Higher Silver Prices Are Near

Clint Siegner with SilverSeek says with the current setup in spot prices, Silver is showing big signs of moving higher. In fact, Siegner says “Silver moving higher from here looks a lot like a no-brainer. ... Additionally, data supports the notion that Silver investors are witnessing history in the markets with the bullion banks finally long Silver.” 

At 1:42 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,359.70 Up $14.60
• Silver, $16.89 Up $0.18
• Platinum, $935.00 Up $2.90
• Palladium, $966.70 Up $9.00

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