Gold Price Slips Again

Cassie Bastien

4/23/2018 9:27:03 AM

Daily Gold & Silver Market Report – 04/23/2018

After hitting new highs over a two-week time period, the prices of Gold finally made their descent as the U.S. dollar gained support from rising U.S. Treasury yields. In fact, reports show the dollar index was up nearly 0.1 percent. Moreover, on Friday, Federal Reserve Governor Lael Brainard said the U.S. economy appears capable of handling further interest rate increases. However, Gold spot remains in play as U.S. President Donald Trump said Sunday “the North Korean nuclear crisis was a long way from being resolved, striking a cautious note a day the after North's pledge to end its nuclear tests raised hopes before planned summits with South Korea and the United States,” Reuters reported.. Reuters also reported that U.S. data from Friday showed that hedge funds and money managers raised net long positions in COMEX Gold contracts in the week to April 17.            

Spot Price on Silver Looks Bullish

Jeremy Nh with Business Times believes a significant breakout in Gold and Silver spot is about to happen, which should kickstart the next wave of buying. Reports show the current Gold-Silver ratio, which measures the number of ounces of Silver one ounce of Gold can buy, is trading at an extreme high of 80. In other words, the current ratio suggests that one ounce of Gold is equivalent to 80 ounces of Silver. Ng says, “The 30-year historical average of the Gold/Silver ratio is around 66. ... Year-to-date performance of Gold is +3.1 percent while Silver is only up +1.5 percent.” All in all, the near-term price action in both Silver and Gold looks bullish.

Cryptocurrency Rally Shows Bitcoin Topping $9,000

According to MarketWatch Reporter Aaron Hankin, “The total value of all cryptocurrencies topped $400 billion for the first time since March 8, once again driven by the smaller coins, most notably Bitcoin Cash, which is up more than 80 percent in the last seven days.” After a slow start to the year, digital currencies have market bulls breathing a sigh of relief. Recent news shows bitcoin was last worth $8,920.15, up 1.5 percent, says Hankin. Tim Draper of Draper Associates affirmed his optimistic outlook for bitcoin. When asked how bitcoin compares with some of his earlier investments like Tesla and Skype, he said, “This is bigger than the internet. It’s bigger than the iron age, the Renaissance. It’s bigger than the industrial revolution.”

At 10:27 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,325.50 Down $13.30
• Silver, $16.77 Down $0.49
• Platinum, $924.30  Down $7.50
• Palladium, $980.00  Down $61.50

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