Cryptocurrency Price Drops $42 Billion

Cassie Bastien

5/18/2018 11:12:57 AM

Daily Gold & Silver Market Report – 05/18/2018

According to reports by CCN, the cryptocurrency market has dropped from $412 billion to $370 billion. Furthermore, the price of Bitcoin dropped below the $8,000 mark, entering the $7,000 region for the first time since mid-April. Unfortunately, many traders were left concerned with digital currency market prices even after the largest cryptocurrency conference in the world, Blockchain Week 2018, in New York. Regardless, the digital currency market is proving extreme volatility and the instability of the market has caused both major cryptocurrencies and tokens to slump throughout May.

Gold Futures Drop 2%

As a leading dollar index and benchmark Treasury yields sustained their climb, MarketWatch News Editor Rachel Koning Beals said Gold futures dropped roughly 2.6 percent. Naeem Aslam, an analyst with Think Markets, said spot Gold “has marked its lowest level for the year and the possibilities are we may stay below $1,300 for some time unless there is a major risk event.” Aslam added, “The strength of the dollar index and the subdued reaction to the geopolitical tensions by investors are the reasons behind the move.”

• Among other Precious Metals, July Silver fell 8 cents, or 0.5%, to $16.40 an ounce.
• July Platinum fell 0.7 percent to $885.70 an ounce, while June Palladium fell 0.4 percent to $973.20 an ounce (MarketWatch.com).

U.S. Crude Oil Hits 3 1/2 Year High

U.S. crude oil is up about 15.6 percent Thursday over a three-month period, according to CNBC Reporter Tom DiChristopher. In fact, DiChristopher says the last decade shows several energy stocks have performed well during similar periods of rising crude prices. Of course there is no guarantee oil prices will continue to rise like they currently are. If they do, DiChristopher says investors could see a surge in the stock market.

At 12:13 p.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,294.10 Up $1.50
• Silver, $16.52 Down $0.05
• Platinum, $886.50 Down $8.10
• Palladium, $969.30 Down $16.20

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