Silver Prices Hit 2 1/2 Month Highs

Cassie Bastien

4/20/2018 9:16:23 AM

Gold & Silver Market Report – 04/20/2018

The price of Silver finally reached above $17 an ounce, surprising many Silver metal investors across the markets. According to NASDAQ, Silver spot price rose around 0.7 percent. Commodity strategist Georgette Boele said, “A bounce in Silver is not a surprise to me because you have lower liquidity and it's more sensitive to sentiment.” Furthermore, Silver is also used for industrial purposes, so it has been lifted by a rally in base metals. However, Boele expects Silver prices to follow the price of Gold lower incoming days or weeks. Although reports show Silver to be the worst-performing Precious Metal in the market, many investors continue buying large amounts of the gray metal due to its diversified uses.

Prices of Gold Fall Flat

Assisted by higher long-term U.S. Treasury yields, the dollar remained firm, causing Gold prices to retreat from two-week highs. However, the price of Gold spot remained somewhat promising with help from lingering trade tensions between the U.S. and China. U.S. Gold futures also fell 0.1 percent to $1,352 per ounce. A report by The Business Times says the Federal Reserve reported Wednesday “'robust” business borrowing, rising consumer spending and tight labor markets indicate the U.S. economy remains on track for continued growth, ... with the risks of a global trade war the one big outlier.”

Has The Bitcoin Price Hit Its High?

Currently trading at $8,200, Bitcoin is now seen as a secondary digital currency compared to what investors have turned their attention to, like Ripple. Nonetheless, Forbes Editor Naeem Aslam says if Bitcoin does return to its all-time highs, “investors that purchase today will receive an ROI of 140 percent.” However, there are many other cryptocurrencies that have the potential for a higher return on investment. In fact, Aslam says investors may want to take a closer look at Ripple’s XRP, “a blockchain solution that has the potential to revolutionize the banking system as we know it.” Currently trading close to $0.70, coming off on an all-time high of just over $3.30, reports prove XRP has the potential to gift investors with a massive 300 percent return if the digital asset makes its way back to its peak.

At 10:17 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,338.50 Down $10.30
• Silver, $17.22 Down $0.11
• Platinum, $931.80  Down $8.30
• Palladium, $1,034.00  Down $4.50

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