Gold Spot Prices Continue to Slip
Cassie Bastien
5/14/2018 12:33:02 PM
Daily Gold & Silver Market Report – 05/14/2018
Headed for its fourth consecutive slide, Gold prices are in for a bumpy ride as spot prices can’t seem to hold above $1,330 an ounce. Reports show the U.S. dollar is up 0.6 percent for May, according to MarketWatch Rachel Koning Beals. Typically geopolitical uncertainty on at least three fronts, including Iran, North Korea and trade with China, causes major market movements; however, safe-haven asset investors don’t seem worried. “Both Gold and Silver put up a fight against the strong dollar threat in the week to May 8, Commitments of Traders data just out showed,” Saxo Bank Commodities Analyst Ole Hansen noted.
Will The Price of Silver Continue to Decline?
The recent decline in prices for Silver is likely to continue over the next 10-20 years, according to Marian Willuhn with PV Magazine. In fact, reports indicate spot prices have steadily fallen from the 2016 peak of $18.23 per troy ounce of Silver. Willuhn says reports predict a massive decline in Silver prices by 2030 to nearly $13 an ounce. Of course, these are just predictions, so depending on Silver metal demand, Precious Metal spot prices could go up in value or drop drastically.
Blockchain Conference Consensus Kicked Off in New York
Major cryptocurrencies such as Bitcoin, Ethereum and Ripple are down around 7 percent as Consensus, one of the largest annual cryptocurrency conferences, kicks off in New York. “Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD,” the firm said in a note to clients. “Hence, we expect the Consensus rally to be even larger than past years.” This isn’t the only conference, either. Market Insider Graham Rapier says, “Dozens of other meet-ups, conferences and parties are happening throughout New York's ‘Blockchain Week’.”
At 1:33 p.m. (ET), the APMEX Gold and Silver spot prices were:
- Gold, $1,320.40 Down $2.70
- Silver, $16.70 Down $0.12
- Platinum, $916.60 Down $11.30
- Palladium, $1003.10 Up $9.90
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
