Silver Treasure Found on German Baltic Island

Cassie Bastien

4/16/2018 9:19:28 AM

Daily Gold & Silver Market Report – 04/16/2018

According to Kirsten Grishaber with Seattle Times, hundreds of 1,000-year-old Silver coins, rings, pearls and bracelets linked to the era of Danish King Harald Gormsson were found on the eastern German island of Ruegen in the Baltic Sea. At first, a single Silver coin was discovered by a 13-year-old boy in a field near the village of Schaprode, but after the state archaeology office became involved, the entire treasure was uncovered, the Mecklenburg-West Pomerania state archaeology office said Monday. In fact, the statement read, “It’s the biggest trove of such coins in the southeastern Baltic region.” Hobby archaeologist Rene Schoen told the German news agency dpa, “This was the (biggest) discovery of my life.” Grishaber says that archaeologists claim about 100 of the rare Silver coins are probably from the reign of Harald Gormsson, better known as “Harald Bluetooth,” who lived in the 10th century and introduced Christianity to Denmark. Schoen and 13-year-old Luca Malaschnitschenko were using metal detectors on the field near Schaprode when Luca found a little piece that he initially thought was only aluminum garbage. However, once they cleaned it, they quickly realized it was more precious.

Nerves over Syria and Russia Increase Prices on Gold

Ambrosino Brothers' Todd Colvin told CNBC "Futures Now" last week that weaker-than-expected U.S. economic growth could prop up the price of Gold. Colvin said, "If you see sub-2 percent GDP, which I think right now isn't on many radars, that could be a real catalyst." According to CNBC reporter Stephanie Landsman, Gold spot reached its highest level since August 2016 as jitters grew over Syria and Russia, last week. However, once anxiety eased across markets, Gold prices backed down. Colvin believes that a “tenuous geopolitical situation could push [Gold] prices to $1400 in a hurry,” especially since Gold is such a volatile commodity.  

Bitcoin Price Hits above $8K

After recording a massive buy volume across major cryptocurrency exchanges which some investor’s link to the tax season, the price of Bitcoin briefly remained above $8,450. When investors feel uncertain about the future and are concerned regarding the short-term trend of the market, both day traders and long-term traders tend not to allocate their funds in assets that are highly volatile and risky. Bitcoin analysis from CCN says traders and investors have become more ambitious and confident in their calls and have started to acquire more small-cap cryptocurrencies as well as other major digital currencies outside of Bitcoin and Ethereum. Nonetheless, digital currency investors believe that if Bitcoin can hold up the $8,400 level throughout the next few days, it is possible for the price of bitcoin to rise to the $9,000 range in the near future.

At 10:19 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,352.70 Up $5.30
• Silver, $16.86 Up $0.11
• Platinum, $937.80 Up $4.70
• Palladium, $1,006.10 Up $17.20

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