Silver Prices Regain Momentum After Hard Fall

Cassie Bastien

5/2/2018 9:58:37 AM

Daily Gold & Silver Market Report – 05/02/2018

Silver markets fell rather hard Tuesday as the U.S. dollar strengthened, according to reports by FX Empire Editor Christopher Lewis. While many market analysts say lows around $16 an ounce is a good show of support, if interest rates continue to rise, there is a possibility the bottom level of Silver spot prices could go even lower.

The Future of Bitcoin

It seems Bitcoin has been in a continuous cycle of dropping significantly then regaining moment, only to be limited on how high those gains go. However, a report by Amram Margalit with FX Street says a recent release of a possible blueprint explaining the present and future of digital currency has emerged. In fact, Bitcoin has been the leader of cryptocurrencies since its inception. Margalit says with more activity and a bigger market interest, Bitcoin needs to keep delivering the best product. "Currently its moat is strong and its short to medium term prospects look good," Margalit notes. "But [Bitcoin value] must continue to stay one step ahead to avoid becoming the next in a long line of fallen market leaders."

Gold Price on the Rise

The price of Gold is on the rise after hitting a four-month low as investors turn their attention back to clues from a Federal Reserve meeting ending Wednesday. However, the dollar is still strong so many investors are curious as to whether this spot price movement will last. While the Fed is widely expected to keep interest rates on hold at its policy meeting, Reuters News Editor Eileen Soreng said, "The central bank will likely encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment. The Fed is scheduled to announce its decision at 2 p.m. (ET)."

• Among other Precious Metals, spot price of Platinum was up more than 0.9 percent.
• Palladium prices climbed 0.5 percent to $953.30 per ounce.  

At 10:59 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,307.40 Down $1.10
• Silver, $16.50 Up $0.32
• Platinum, $898.40 Up $2.20
• Palladium, $974.50 Up $28.20

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.