Prices of Silver Break 6-Day Low

Cassie Bastien

5/16/2018 12:27:43 PM

Daily Gold & Silver Market Report – 05/16/2018

After reaching highs near $17 an ounce, the price of Silver spot is back to lows around $16.30 per ounce. These spot price movements within the Precious Metals market are primarily due to the U.S. dollar rally and Treasury yields. FX Street Reporter Andria Pichidi said, “The Silver has been seen ranging since [February], with the ranges within $16.04 – $17.34.” Nonetheless, there is still plenty of uncertainty surrounding the U.S., including pending U.S. sanctions on Iranian exports. Pichidi added, “Meanwhile, we have ahead the meeting between U.S. and China, with U.S. focused on avoiding a trade war with China and moving towards a peace deal with North Korea.”

Gold Today Price Drops Dramatically

If you haven’t noticed, the spot price of Gold dropped significantly Tuesday and is continuing lower Wednesday. According to Seeking Alpha, Gold spot is down more than 2 percent year-to-date. With that, many analysts suspect Silver and other Precious Metals to follow suit, as Gold tends to be the leader. In fact, the report said, “…valuations of these segments can vary significantly at any given time but Gold, Gold and Silver mining stocks and Silver are highly correlated and invariably over time usually move in the same direction.”

When Is The Right Time to Invest In Bitcoin?

Like many other investors, those interested in cryptocurrencies continue to question when the right time to invest in Bitcoin is. Ironically enough, advisers do not recommend investing in digital currency, or in the investment vehicles that have cropped up around it, according to CNBC Jim Pavia. It is no secret Bitcoin, along with many other digital currencies, are volatile, which explains why advisers and investors remain wary of their investment portfolios. Regardless, Lex Sokolin, global director of fintech strategy at Autonomous Research, said, “It's important for individuals who want to invest in cryptocurrency to first understand what it is and also how blockchain technology works.”

At 1:27 p.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,293.90 Up $0.70
• Silver, $16.46 Up $0.11
• Platinum, $893.30 Down $5.90
• Palladium, $990.00 Down $1.20

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